\n| \n Revenue<\/b><\/span><\/p>\n<\/td>\n | \n 2,216<\/b><\/span><\/p>\n<\/td>\n | \n 2,023<\/span><\/p>\n<\/td>\n | \n +10\u00a0%<\/i><\/span><\/p>\n<\/td>\n | \n 9,482<\/b><\/span><\/p>\n<\/td>\n | \n 8,778<\/span><\/p>\n<\/td>\n | \n +8\u00a0%<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n EBITDA<\/b><\/span><\/p>\n<\/td>\n | \n 1,116<\/b><\/span><\/p>\n<\/td>\n | \n 985<\/span><\/p>\n<\/td>\n | \n +13\u00a0%<\/i><\/span><\/p>\n<\/td>\n | \n 4,707<\/b><\/span><\/p>\n<\/td>\n | \n 3,841<\/span><\/p>\n<\/td>\n | \n +23\u00a0%<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n EBITDA\u00a0margin<\/i><\/span><\/p>\n<\/td>\n | \n 50\u00a0%<\/b><\/span><\/p>\n<\/td>\n | \n 49\u00a0%<\/span><\/p>\n<\/td>\n | \n +2pp<\/i><\/span><\/p>\n<\/td>\n | \n 50\u00a0%<\/b><\/span><\/p>\n<\/td>\n | \n 44\u00a0%<\/span><\/p>\n<\/td>\n | \n +6pp<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Net\u00a0Profit <\/b>2<\/b><\/sup><\/span><\/p>\n<\/td>\n| \n 474<\/b><\/span><\/p>\n<\/td>\n | \n 401<\/span><\/p>\n<\/td>\n | \n +18\u00a0%<\/i><\/span><\/p>\n<\/td>\n | \n 2,169<\/b><\/span><\/p>\n<\/td>\n | \n 1,613<\/span><\/p>\n<\/td>\n | \n +34\u00a0%<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Net\u00a0profit\u00a0margin<\/i><\/span><\/p>\n<\/td>\n | \n 21\u00a0%<\/b><\/span><\/p>\n<\/td>\n | \n 20\u00a0%<\/span><\/p>\n<\/td>\n | \n +2pp<\/i><\/span><\/p>\n<\/td>\n | \n 23\u00a0%<\/b><\/span><\/p>\n<\/td>\n | \n 18\u00a0%<\/span><\/p>\n<\/td>\n | \n +4pp<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n EPS\u00a0(SAR)<\/b><\/span><\/p>\n<\/td>\n | \n 0.64<\/b><\/span><\/p>\n<\/td>\n | \n 0.54<\/span><\/p>\n<\/td>\n | \n +18\u00a0%<\/i><\/span><\/p>\n<\/td>\n | \n 2.94<\/b><\/span><\/p>\n<\/td>\n | \n 2.19<\/span><\/p>\n<\/td>\n | \n +34\u00a0%<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Net Operating Cash Flow<\/b><\/span><\/p>\n<\/td>\n | \n 1,061<\/b><\/span><\/p>\n<\/td>\n | \n 693<\/span><\/p>\n<\/td>\n | \n +53\u00a0%<\/i><\/span><\/p>\n<\/td>\n | \n 3,468<\/b><\/span><\/p>\n<\/td>\n | \n 3,561<\/span><\/p>\n<\/td>\n | \n -3\u00a0%<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Capital\u00a0Expenditures<\/b><\/span><\/p>\n<\/td>\n | \n 2,660<\/b><\/span><\/p>\n<\/td>\n | \n 175<\/span><\/p>\n<\/td>\n | \n +1,419\u00a0%<\/i><\/span><\/p>\n<\/td>\n | \n 5,479<\/b><\/span><\/p>\n<\/td>\n | \n 1,647<\/span><\/p>\n<\/td>\n | \n +233\u00a0%<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Free Cash Flow<\/b><\/span><\/p>\n<\/td>\n | \n (1,599)<\/b><\/span><\/p>\n<\/td>\n | \n 518<\/span><\/p>\n<\/td>\n | \n n.m.<\/i><\/span><\/p>\n<\/td>\n | \n (2,010)<\/b><\/span><\/p>\n<\/td>\n | \n 1,913<\/span><\/p>\n<\/td>\n | \n n.m.<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Net\u00a0Debt<\/b><\/span><\/p>\n<\/td>\n | \n 7,903<\/b><\/span><\/p>\n<\/td>\n | \n 5,443<\/span><\/p>\n<\/td>\n | \n +45\u00a0%<\/i><\/span><\/p>\n<\/td>\n | \n 7,903<\/b><\/span><\/p>\n<\/td>\n | \n 5,443<\/span><\/p>\n<\/td>\n | \n +45\u00a0%<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Net\u00a0Debt\u00a0\/\u00a0EBITDA<\/b><\/span><\/p>\n<\/td>\n | \n 1.68x <\/b><\/span><\/p>\n<\/td>\n | \n 1.42x <\/span><\/p>\n<\/td>\n | \n +0.26x<\/i><\/span><\/p>\n<\/td>\n | \n 1.68x<\/b><\/span><\/p>\n<\/td>\n | \n 1.42x <\/span><\/p>\n<\/td>\n | \n +0.26x<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n
<\/td>\n<\/tr>\n | \n| \n 1: 12M or Full Year 2024 financial figures are unaudited\u00a0| 2: \u00a0Attributable\u00a0to\u00a0Parent\u00a0Company equity\u00a0holders<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Notes:\u00a0<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n \u00a0\u00a0 Refer\u00a0to\u00a0the\u00a0Glossary\u00a0of\u00a0Terms\u00a0for\u00a0definitions\u00a0of\u00a0non-IFRS financial measures
<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n \u00a0\u00a0 n.m.: Not measurable<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n \u00a0 \u00a0Numbers presented may not add up precisely to the totals provided due to rounding<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/p><\/div>\n<\/div>\nFourth Quarter 2024<\/b><\/p>\n Bahri’s fourth quarter 2024 (Q4 2024) revenue grew 10% year-on-year (YoY) to SAR 2.22 billion<\/span>, primarily supported by increased overall cargo volumes mainly driven by the expansion of Bahri’s operated fleet (owned and chartered vessels), as well as generally higher freight rates.<\/p>\nQ4 2024 EBITDA increased 13% YoY to SAR 1.12 billion<\/span>, driven by EBITDA margin expansion to 50% from 49% in Q4 2023, reflecting improved cost efficiencies mainly from voyage optimization and fleet modernization.\u00a0 Bahri’s EBITDA growth was mainly propelled by increased EBITDA by the Oil and Integrated Logistics business units (BUs), as well as increased income from associated companies.<\/p>\nConsequently, Bahri’s Q4 2024 net profit rose 18% YoY to SAR 474 million<\/span>, with net profit margin improving to 21% from 20% in Q4 2023.<\/p>\nFull Year 2024<\/b><\/p>\n In 2024, Bahri achieved a record-breaking revenue of SAR 9.48 billion<\/span>, up 8% compared to 2023, driven mainly by higher cargo volumes resulting from fleet expansion and generally higher freight rates.<\/p>\nEBITDA increased by 23% YoY to SAR 4.71 billion<\/span>, propelled by revenue growth and supported by effective cost management from voyage and scheduling optimization, as well as the cost savings resulting from the modernized fleet.<\/p>\nIn addition, Bahri recorded a significant increase in income from associated companies compared to the prior year. This increase was primarily due to the twin effect of the increased equity stake of \u00a0Bahri in Petredec Group from 30% to 40% back in October 2023<\/span>, and Petredec’s higher net profit in 2024, compared to 2023.<\/p>\nNet profit reached an all-time high of SAR 2.17 billion<\/span> in 2024, a 34% surge from the previous year, driven by strong EBITDA performance. \u00a0Bahri’s net profit margin markedly expanded to 23% in 2024 from 18% during the previous year.<\/p>\nIn 2024, Bahri generated SAR 3.47 billion<\/span> in net operating cash flow, reflecting a 3% decline from 2023, primarily due to an unusually large release of cash from working capital changes in 2023.<\/p>\nCapital expenditures reached SAR 5.48 billion<\/span> in 2024, up from SAR 1.65 billion<\/span> a year ago, largely driven by a SAR 4.82 billion<\/span> investment in fleet modernization and expansion. As a result, free cash flow for 2024 amounted to an outflow of SAR 2.01 billion<\/span>, compared to an inflow of SAR 1.91 billion<\/span> in 2023.\u00a0\u00a0SAR 524 million of cash proceeds from the sale of six older vessels during 2024 partially offset this outflow.<\/p>\nBahri funded its 2024 capital expenditures through a combination of cash generated from operations, vessel sale proceeds, new borrowings and its cash reserves.\u00a0 Net availment of loans and borrowings, after loan repayments and lease liability settlements, amounted to SAR 549 million<\/span>, while the Company’s cash decreased by SAR 1.09 billion<\/span>, leaving a year-end cash balance of SAR 1.82 billion<\/span>.<\/p>\nA key financing milestone in 2024 was a USD 756 million<\/span> (SAR 2.84 billion<\/span>) 10-year Murabaha financing agreement secured in October to partially fund the approximately SAR 3.75 billion<\/span> purchase of nine Very Large Crude Carriers (VLCCs) from Capital Maritime and Trading Corporation, with the vessels serving as collateral.\u00a0 By year-end 2024, USD 304 million<\/span> (SAR 1.14 billion<\/span>) of the facility had been utilized, reflecting full payment and delivery of four of the nine VLCCs ordered.\u00a0 Of these four VLCCs delivered, two vessels joined the operated fleet in Q4 2024.<\/p>\nAs a result of increased borrowings and lower cash reserves, net debt rose to SAR 7.90 billion<\/span> by end-2024, up from SAR 5.44 billion<\/span> a year ago. \u00a0Despite this increase, strong earnings during the year partially offset the impact, resulting to a net debt-to-EBITDA ratio of 1.68x compared to 1.42x at the end of 2023. The Company remains confident in maintaining a healthy balance sheet while continuing to invest in fleet modernization and expansion.<\/p>\nFollowing the close of 2024, Bahri secured a five-year Murabaha revolving credit facility of USD 800 million<\/span> (SAR 3.00 billion<\/span>) in January 2025.\u00a0 This facility will further strengthen the financial position of the Company, and support ongoing working capital and capital expenditure requirements, as needed.<\/p>\nFleet Update<\/b><\/p>\n Owned fleet movement<\/b><\/p>\n\n \n \n \n\n\n| \n Business Units<\/i><\/b><\/span><\/p>\n<\/td>\n | \n End-2023<\/b><\/span><\/p>\n<\/td>\n | \n Additions<\/b><\/span><\/p>\n<\/td>\n | \n Divestments<\/b><\/span><\/p>\n<\/td>\n | \n End-2024<\/b><\/span><\/p>\n<\/td>\n |
<\/td>\n | \n Delivered in 2024 but
not yet operational<\/b><\/span><\/p>\n<\/td>\n | \n Ordered for
delivery in 2025<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Oil<\/span><\/p>\n<\/td>\n | \n 39<\/b><\/span><\/p>\n<\/td>\n | \n + 5<\/span><\/p>\n<\/td>\n | \n – 3<\/span><\/p>\n<\/td>\n | \n 41<\/b><\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 3<\/span><\/p>\n<\/td>\n | \n 7<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Chemicals<\/span><\/p>\n<\/td>\n | \n 32<\/b><\/span><\/p>\n<\/td>\n | \n + 4<\/span><\/p>\n<\/td>\n | \n – 3<\/span><\/p>\n<\/td>\n | \n 33<\/b><\/span><\/p>\n<\/td>\n |
<\/td>\n | \n –<\/span><\/p>\n<\/td>\n | \n –<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Integrated Logistics<\/span><\/p>\n<\/td>\n | \n 6<\/b><\/span><\/p>\n<\/td>\n | \n + 1<\/span><\/p>\n<\/td>\n | \n –<\/span><\/p>\n<\/td>\n | \n 7<\/b><\/span><\/p>\n<\/td>\n |
<\/td>\n | \n –<\/span><\/p>\n<\/td>\n | \n –<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Dry Bulk<\/span><\/p>\n<\/td>\n | \n 11<\/b><\/span><\/p>\n<\/td>\n | \n + 1<\/span><\/p>\n<\/td>\n | \n –<\/span><\/p>\n<\/td>\n | \n 12<\/b><\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 1<\/span><\/p>\n<\/td>\n | \n –<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Total<\/b><\/span><\/p>\n<\/td>\n | \n 88<\/b><\/span><\/p>\n<\/td>\n | \n + 11<\/b><\/span><\/p>\n<\/td>\n | \n – 6<\/b><\/span><\/p>\n<\/td>\n | \n 93<\/b><\/span><\/p>\n<\/td>\n |
<\/td>\n | \n 4<\/b><\/span><\/p>\n<\/td>\n | \n 7<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/p><\/div>\n<\/div>\nIn 2024,\u00a0Bahri significantly strengthened its fleet with 11 modern secondhand vessels joining the owned fleet, comprising five VLCCs, four chemical tankers, one dry bulk carrier and one multipurpose vessel.\u00a0 Concurrently, the Company divested six older vessels \u2013 three chemical tankers, two VLCCs and one product tanker \u2013 resulting in a younger, more technologically advanced and higher-value fleet overall. \u00a0By the end of 2024, Bahri owned fleet has expanded to 93 owned vessels from 88 vessels at the end of 2023.<\/p>\n Looking beyond 2024, three VLCCs and one dry bulk carrier \u2013 which had been delivered in Q4 2024 \u2013 will be operationalized in Q1 2025. Bahri has ordered seven other VLCCs which will likewise join the fleet by the first half of 2025.<\/p>\n In addition, the Company operated 16 vessels under long-term lease agreements of more than one year, up from 10 in the previous year, as well as various vessels on shorter term leases.\u00a0 The leased vessels helped address Bahri’s increased cargo requirements, as well as scheduling and location constraints on Bahri’s owned fleet. As a result, Bahri’s operating fleet, comprising of owned and leased vessels, reached 109 vessels at end-2024, compared to 98 at end-2023.<\/p>\n Strategic Updates<\/b><\/p>\n Bahri reached a major milestone in 2024 with the operation of two out of three mobile seawater desalination floating barges stationed off the coast of Yanbu, Saudi Arabia<\/span> \u2013 awarded by the Guinness World Records for being the largest of their kind in the world. The first barge commenced operations in Q2 2024, followed by the second in Q4 2024.\u00a0 Together, the two desalination barges have a capacity of 100 million liters per day with a 20-year guaranteed off-take contract with the Saudi Water Authority.\u00a0 This industry pioneering initiative creates a stable, long-term revenue stream for Bahri, while offering an innovative solution to address growing water demand along Saudi Arabia’s<\/span> coastline.<\/p>\nIn December 2024<\/span>, the Yanbu Grain Handling Terminal commenced commercial operations. Developed by the National Grain Company, a 50\/50 joint venture between Bahri and the Saudi Agricultural and Livestock Investment Company (SALIC), the terminal has an annual handling capacity of 3 million tons of grain.\u00a0 It aims to support Saudi Arabia’s<\/span> growing demand for essential grains and in strengthening food security in the Kingdom.<\/p>\nIn July 2024<\/span>, Bahri Ship Management (BSM) expanded its service portfolio by signing an agreement to provide technical ship management and crewing of vessels to Folk Maritime Services Company, a newly formed feeder and short-sea shipping operator.\u00a0 This marked BSM’s first foray into managing vessels beyond Bahri’s fleet.\u00a0 BSM has begun managing the first two vessels of Folk Maritime, which plans to significantly expand its fleet in 2025.<\/p>\nPost period end, in January 2025<\/span>, Petredec and Bahri agreed to form a strategic partnership to address Saudi Arabia’s<\/span> increasing LPG and ammonia shipping requirements. The two companies will establish a dedicated joint commercial team for this venture, building on two decades of collaboration.<\/p>\nBUSINESS\u00a0UNITS’\u00a0HIGHLIGHTS<\/b><\/p>\n Bahri\u00a0Oil<\/b><\/u><\/p>\n\n \n \n \n\n\n| \n SAR\u00a0million<\/i><\/b><\/span><\/p>\n<\/td>\n | \n Q4\u00a02024<\/b><\/span><\/p>\n<\/td>\n | \n Q4\u00a02023<\/span><\/p>\n<\/td>\n | \n Variance (YoY)<\/i><\/span><\/p>\n<\/td>\n | \n 12M\u00a02024<\/b><\/span><\/p>\n<\/td>\n | \n 12M 2023<\/span><\/p>\n<\/td>\n | \n Variance (YoY)<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Revenue<\/b><\/span><\/p>\n<\/td>\n | \n 1,024<\/b><\/span><\/p>\n<\/td>\n | \n 939<\/span><\/p>\n<\/td>\n | \n +9\u00a0%<\/i><\/span><\/p>\n<\/td>\n | \n 4,604<\/b><\/span><\/p>\n<\/td>\n | \n 4,796<\/span><\/p>\n<\/td>\n | \n -4\u00a0%<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n EBITDA<\/b><\/span><\/p>\n<\/td>\n | \n 527<\/b><\/span><\/p>\n<\/td>\n | \n 470<\/span><\/p>\n<\/td>\n | \n +12\u00a0%<\/i><\/span><\/p>\n<\/td>\n | \n 2,279<\/b><\/span><\/p>\n<\/td>\n | \n 2,054<\/span><\/p>\n<\/td>\n | \n +11\u00a0%<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n EBITDA\u00a0margin<\/i><\/span><\/p>\n<\/td>\n | \n 51\u00a0%<\/b><\/span><\/p>\n<\/td>\n | \n 50\u00a0%<\/span><\/p>\n<\/td>\n | \n +1pp<\/i><\/span><\/p>\n<\/td>\n | \n 50\u00a0%<\/b><\/span><\/p>\n<\/td>\n | \n 43\u00a0%<\/span><\/p>\n<\/td>\n | \n +7pp<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n
<\/td>\n<\/tr>\n | \n| \n Notes:<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n \u00a0 \u00a012M 2024 financial figures are unaudited\u00a0<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n \u00a0\u00a0 \u00a0Numbers presented may not add up precisely to the totals provided due to rounding<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/p><\/div>\n<\/div>\nIn Q4 2024, Bahri Oil reported a 9% YoY increase in revenue to SAR 1.02 billion<\/span>, driven by higher freight rates, and increased cargo volumes backed by an expanded fleet. \u00a0EBITDA rose by 12% to SAR 527 million<\/span>, reflecting the growth in revenue, as well as improved cost management, a reversal in doubtful account provisioning , and higher income from gains from vessel sales, resulting to an EBITDA margin expansion to 51% in Q4 2024 from 50% in Q4 2023.<\/p>\nFor full year 2024, the BU achieved an 11% YoY growth in EBITDA to SAR 2.28 billion<\/span>, despite a 4% decline in revenue arising from decreased charter-in vessel activity and the BU’s exit from non-VLCC shipping in | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |