The National Shipping Company of Saudi Arabia (4030) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue surged 129% year-over-year to SAR 4,964 million, driven by strong crude and chemicals markets, higher freight rates, fleet expansion, and commercial agility.

• Net profit soared 303% year-over-year to SAR 2,149 million, reflecting strong operating profitability and robust market conditions.

• Gross profit more than tripled to SAR 2,302 million, and EPS rose to 2.33 from 0.58.

• The Group operates 104 owned vessels and 3 leased, spanning oil, chemicals, logistics, and dry bulk segments.

• All vessels remained commercially deployed despite regional disruptions, with a focus on safety and operational continuity.

Financial highlights

• Revenue increased 129% year-over-year to SAR 4,964 million, EBITDA up 137% to SAR 2,837 million, and net profit up 303% to SAR 2,149 million.

• EBITDA margin rose to 57% (up 2pp YoY), and net profit margin reached 43% (up 19pp YoY).

• EPS grew 303% YoY to 2.33.

• Net operating cash flow increased 174% YoY to SAR 1,344 million; free cash flow at SAR 1,276 million.

• Net debt reduced by 1.2 billion YoY to SAR 7.81 billion, with net debt/EBITDA improving from 1.85x to 1.14x.

Outlook and guidance

• Near-term market expected to remain highly volatile, especially for oil transport, due to ongoing geopolitical tensions and disruptions in the Strait of Hormuz.

• Continuing strategic focus on expanding Saudi and global cargo volumes, developing adjacent markets, and building end-to-end logistics capabilities.

• Emphasis on cost discipline, portfolio management, and leveraging strategic partnerships for future growth.