The National Shipping Company of Saudi Arabia (4030) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenue of SAR 2.46 billion, up 10% year-over-year, driven by fleet expansion and strong oil shipping performance.

• Net profit for Q3 2025 reached SAR 513 million, up 1% year-over-year, with net operating cash flow increasing 56% to SAR 1.07 billion.

• Group operates in oil, chemicals, logistics, and dry bulk shipping, with 104 owned vessels and 13 leased as of 30 September 2025.

• Strategic focus on sustainable growth, value-accretive fleet modernization, and diversification across business units.

• Share capital increased to SAR 9.23 billion via bonus shares, funded by retained earnings.

Financial highlights

• Q3 2025 revenue rose 10% year-over-year to SAR 2,457 million; nine-month revenue was SAR 7.08 billion.

• EBITDA increased 8% to SAR 1,262 million in Q3 2025, with a margin of 51%.

• Net profit grew 1% to SAR 513 million in Q3 2025; nine-month net profit was SAR 1.54 billion.

• Net operating cash flow surged 56% to SAR 1,072 million in Q3 2025.

• Net debt at end-Q3 2025 was SAR 9.85 billion, with net debt/EBITDA at 2.11x.

Outlook and guidance

• Signed agreement to build six new Ultramax Dry Bulk Vessels with IMI and ordered additional newbuilds.

• Strategic partnerships and long-term contracts expected to support stable revenue streams.

• Continued focus on fleet modernization, business diversification, and expanding logistics infrastructure.

• Market fundamentals for oil shipping expected to remain supportive due to seasonal demand and OPEC+ production increases.

• Chemicals and dry bulk markets expected to remain volatile with normalization and oversupply.