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    Marine Shipping
The National Shipping Company of Saudi Arabia

The National Shipping Company of Saudi Arabia

4030.SR
The National Shipping Company of Saudi ArabiaSA flagSaudi Exchange
32.40
SAR
+0.10
- -
29.90BMarket Cap
The National Shipping Company of Saudi Arabia
4030.SR
(Saudi Exchange)

Recent

price

32.40

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
2.78
2.7
3.34
3.86
4.57
8.09
7.36
6.55
6.64
7.12
9.09
5.8
9.3
9.51
10.28
11.21
9.84
Revenue per Share
0.56
0.39
0.68
1.02
0.67
1.97
1.86
0.87
0.52
0.67
1.7
0.21
1.13
1.75
2.35
2.63
2.08
Basic EPS, GAAP
1.06
0.59
0.11
-0.45
-3.24
1.41
0.07
-0.51
0.14
1.63
2.64
-0.37
0.74
2.07
-2.25
-1.12
-4.84
Free Cash Flow per Basic Share
0.43
0.42
0.21
0.43
0.39
0.37
1.06
1.06
0.63
0.85
0.84
0.85
- -
0.27
0.44
0.8
- -
Dividend per Share
5.75
5.67
6.08
6.57
7.31
7.32
7.92
7.64
7.47
7.22
7.9
7.25
9.34
11.2
13.11
14.94
13.33
Book Value per Share
7.29
7.25
7.76
8.38
9.18
9.18
10.09
9.97
9.91
9.81
10.84
10.3
11.64
13.35
15.5
17.33
15.6
Tangible Book Value per Share
738
738
738
738
793
923
923
923
923
923
923
923
923
923
923
923
923
Basic Weighted Avg Shares
2,050
1,991
2,465
2,847
3,626
7,464
6,788
6,046
6,130
6,567
8,393
5,351
8,583
8,778
9,482
10,347
9,085
Sales/Revenue/Turnover
116.79
108.17
18.41
17.58
15.87
26.53
26.24
19.01
17.58
18.18
22.47
7.26
15.1
20.84
24.88
25.3
22.38
Operating Margin (%)
361
381
392
424
556
767
968
854
925
1,033
1,173
1,199
1,332
1,406
1,670
1,941
1,825
Depreciation Expense
415
288
504
752
534
1,818
1,718
800
481
621
1,571
192
1,041
1,613
2,169
2,431
1,924
Net Income, GAAP
- -
7.55
6.46
5.94
6.24
8.88
- -
11.11
15.88
12.52
5.52
19.89
7.4
5.32
4.61
3.48
5.01
Effective Tax Rate (%)
20.24
14.45
20.45
26.43
14.72
24.35
25.31
13.24
7.85
9.45
18.72
3.6
12.13
18.38
22.88
23.5
21.17
Profit Margin (%)
842
98
137
72
-2,884
964
1,792
1,560
1,249
1,282
1,535
-2,773
2,749
2,496
1,184
2,651
1,102
Working Capital
3,819
4,295
4,254
4,377
4,153
7,475
8,664
9,181
9,213
8,408
8,159
4,946
8,879
7,559
8,829
11,006
11,109
LT Debt
5,378
5,356
5,726
6,187
8,185
9,319
10,087
9,918
9,819
9,677
10,498
9,960
11,115
12,642
14,585
16,238
14,659
Total Equity
- -
20.29
4.08
4.22
3.84
10.59
- -
5.07
4.46
5.27
9.09
1.55
5.77
8.14
9.83
9.5
7.79
Return on Invested Capital (%)
- -
3.75
5.69
7.67
4.88
12.84
- -
5.89
4.46
5.52
10.5
1.67
6.66
10.52
11.88
11.96
10.32
Return on Capital (%)
9.84
6.82
11.62
16.12
10.03
28.96
24.43
11.15
6.91
9.16
22.53
2.75
13.6
17.03
19.34
18.78
16.43
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
896
1,011
1,228
LT Borrowings
8,288
10,139
10,691
LT Finance Leases
540
468
419
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
923
923
923
Market Capitalization
19,306
23,293
22,591

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
4,245
5,274
5,215
Cash, Cash Equivalents & STI
1,822
2,619
2,313
Accounts Receivable, Net
648
631
692
Inventories
468
491
462
Total Current Liabilities
3,060
2,995
4,113
Payables & Accruals
- -
- -
- -
ST Debt
896
1,011
1,228
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
5.95%
9.38%
11.33%
Free Cash Flow
-40.95%
-97.48%
-50%
Net Income, GAAP
53.8%
90.94%
12.07%
Sales/Revenue/Turnover
5.99%
8.71%
9.12%
Total Cash Common Dividend
- -
- -
81.82%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,313
2,712
2,241
2,216
9,482
2025
2,167
2,461
3,263
- -
10,347
2026
4,964
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.49
0.79
0.55
0.51
2.35
2025
0.58
0.44
1.06
- -
2.63
2026
2.33
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.44
2025
- -
- -
- -
- -
0.8
2026
- -
- -
- -
- -
- -
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Business
The National Shipping Company of Saudi Arabia (Bahri; 4030.SR), founded in 1978 and headquartered in Riyadh, Saudi Arabia, serves as the Kingdom's national shipping carrier and a global leader in maritime logistics and transportation, operating a diversified fleet exceeding 100 owned vessels across key segments including crude oil, chemicals, dry bulk, integrated logistics, ship management, and marine services. Bahri Oil stands as the world's largest owner and operator of Very Large Crude Carriers (VLCCs), with approximately 38 VLCCs and product tankers transporting crude oil and refined products along major routes such as Arabian Gulf to US Gulf, East Asia, and Europe; Bahri Chemicals, an 80/20 joint venture with SABIC, manages the Middle East's largest fleet of medium-range chemical tankers (around 36 vessels) for chemicals, clean petroleum products, and vegetable oils; Bahri Dry Bulk, a joint venture with ARASCO, operates Kamsarmax and Ultramax carriers for major and minor dry bulk cargoes; Bahri Integrated Logistics provides end-to-end solutions encompassing freight forwarding (air, sea, road), RoRo and RoCon vessels for project/general cargo/military shipments, customs clearance, contract logistics, and turnkey services for oil & gas, petrochemical, and infrastructure sectors; Bahri Ship Management delivers technical, crew, and commercial oversight for the group's fleet emphasizing safety, ISO certifications, and environmental compliance; while Bahri Marine operates desalination barges as a partner to the Saudi Water Authority. The company maintains a global footprint with offices in Dubai, UAE; USA; India; Egypt; and key Saudi ports like Jeddah Islamic Port (owning a container yard) and Dammam, serving oil majors such as Saudi Aramco and SABIC, traders like Vitol and Trafigura, government entities including the Ministries of Defense and Interior, and industries spanning energy, petrochemicals, agriculture, and defense primarily across Arabian Gulf, Red Sea, Mediterranean, Americas, Asia, and Europe. In recent developments, Bahri completed a $1 billion acquisition of nine VLCCs from Capital Maritime & Trading Corporation in 2025, financed partly by a USD 756 million Murabaha agreement with Alinma Bank, expanding its oil fleet and total owned vessels beyond 100 as of mid-2025; added 11 new vessels in H1 2025 including scrubber-equipped units (69% of VLCCs now fitted), boosting fleet efficiency and sustainability; ordered six Saudi-built Ultramax bulk carriers from International Maritime Industries in October 2025; fully deployed three desalination barges for stable revenue diversification; and reported H1 2025 net profit of SAR 940 million with Q2 revenue up 14% quarter-on-quarter, alongside shareholder returns via SAR 1.00 per share dividends and 25% bonus shares, all aligning with Saudi Vision 2030 to position the Kingdom as a logistics hub.