This report on Bahri's results for the first half of 2026, prepared by "Equity Hub" and "Yamamah Insights" as part of an academic project for the Principles of Finance course (FIN 202), taught by Dr. Rasha Al-Humaidhi, provides a financial and operational analysis of the company's performance in the first and second quarters and the first half of 2026 compared with 2025. It documents a significant leap in revenue to SAR 11,269.6 million, an exceptional increase of 143.5%, and record net profit growth to SAR 5,062.6 million, up 410.5%. This performance was supported by a major surge in the oil transportation segment, where revenue more than tripled to SAR 8,461.8 million, accounting for approximately 75% of total revenue. Margin efficiency also improved, with the net profit margin rising to 44.9% and the EBITDA margin to 51.9%. Meanwhile, the company strengthened its financial position, with total assets increasing 15.1% to SAR 34,548.8 million and shareholders' equity growing 36.6% to SAR 20,019.5 million. Cash and cash equivalents also rose markedly by 91.1% to SAR 4,420.5 million, while free cash flow turned into a strong surplus of SAR 3,254.0 million. Challenges and risks included the cyclical nature of global shipping markets, heavy revenue concentration in the oil sector, and the level of debt.
Project Team:
- Turki Al-Ashari
- Qusai Al-Salem
- Abdullah Al-Saleh
- Bilal Sariijiman
Financial and Economic Analyst Supervisor: Mr. Hamad Al-Saeed @Hamad Alsaeed
Administrative Organization Specialist: Dalal Bin Khudair @dalal BinKhudair
Administrative Assistant: Alroutana Albadri @Alroutana Albadri
Disclaimer
This report was prepared as part of an academic project for the Principles of Finance course (FIN 202), under the supervision of Yamamah Insights, for educational purposes only. It does not constitute an investment recommendation.
The figures are based on the preliminary financial statements published on the Tadawul website for the period ended June 30, 2026. The report may contain inadvertent errors or omissions; readers are advised to consult the original statements for verification.
