{"id":84154,"date":"2025-02-03T00:00:00","date_gmt":"2025-02-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2025\/02\/03\/fy-2024-earnings-from-bahri-and-easylease\/"},"modified":"2025-02-03T00:00:00","modified_gmt":"2025-02-03T00:00:00","slug":"fy-2024-earnings-from-bahri-and-easylease","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2025\/02\/03\/fy-2024-earnings-from-bahri-and-easylease\/","title":{"rendered":"FY 2024 earnings from Bahri and EasyLease"},"content":{"rendered":"

\n

BAHRI-<\/p>\n

<\/strong>Saudi nationa<\/strong>l shipping company Bahri\u2019s bottom line surged 34% y-o-y to SAR 2.17 bn (c. USD 578.5 mn) in 2024<\/strong>, <\/strong>according to the firm's financial statement (pdf)<\/a>. The firm\u2019s topline also rose 8% y-o-y to SAR 9.48 bn during the same period, driven by higher freight rates and increased cargo volumes from fleet expansion. <\/p>\n

On a quarterly basis<\/strong>, Bahri recorded about 18% y-o-y rise in net income to SAR 474 mn, while its revenues increased 10% y-o-y to SAR 2.22 bn. <\/p>\n

Behind the numbers: <\/strong>Bahri\u2019s bottomline surge was also driven in part by improved profitability of LPG transporter and distributor Petredec Group, which is now 40% owned by Bahri after it expanded its stake by 10%<\/a> last November. <\/p>\n

Bahri has been doubling down on fleet modernization and expansions<\/strong>, increasing its fleet size from 88 to 93 by the end of 2024 with 11 new additions and five divestments. It also inked a USD 1 bn agreement<\/a> for nine VLCC vessels back in August that is supported by a USD 756 mn Murabaha financing agreement with Alinma<\/a>Bank<\/a>. The shipping giant is also looking to build a fleet of 20-30 LNG tankers<\/a>, CEO Ahmed Ali Al Subaey said back in September. <\/p>\n

\n

EASYLEASE-<\/p>\n

Mobility <\/strong>solutions firm EasyLease Motorcycle<\/strong> Rental \u2014 a <\/strong>subsidiary of the UAE\u2019s International <\/strong>Holding <\/strong>Company \u2014 <\/strong>reported a net income of AED 42.7 mn in 2024<\/strong>, marking an 18.4% y-o-y increase compared to 2023, according to the company\u2019s financials (pdf)<\/a>. The firm\u2019s revenues rose by 52.7% y-o-y to AED 455.7 mn during the same period. <\/p>\n

The company focused on scaling through strategic acquisitions and \u201corganic business <\/strong>development\u201d throughout the year<\/strong>, according to an earnings release (pdf)<\/a>. The acquisitions included sizable stakes in logistics services firm Gallega Global Logistics<\/a> and transportation technology company United Trans<\/a>. The financial results were also influenced by launching new ventures in vehicle rentals and roadside assistance, the statement said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bahri saw its bottomline surge by 34%, while EasyLease\u2019s increased by 18.4%<\/p>\n","protected":false},"author":1,"featured_media":84155,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[175],"tags":[198,174,309,31,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-bahri","tag-earnings-watch","tag-easylease","tag-saudi-arabia","tag-uae","wpautop","entry"],"acf":{"mongo_id":"c1f1cd38-fea6-4ef0-8952-04e6e08a2613","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/855.jpg","photo_position":"above","homepage_title":"","full_issue_title":"FY 2024 earnings from Bahri and EasyLease","related_issue":[84143],"teaser":"Bahri saw its bottomline surge by 34%, while EasyLease\u2019s increased by 18.4%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.f066c3aa-643f-4222-ba33-c20b37f7adf6.mp3"},"yoast_head":"\nFY 2024 earnings from Bahri and EasyLease - 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