The National Shipping Company of Saudi Arabia (4030) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 results with revenue of 6.31 billion, up 156% year-over-year, and net profit of 2.75 billion, up 574% year-over-year, driven by elevated VLCC rates, fleet expansion, and commercial agility.

• Net operating cash flow rose 280% year-over-year to 2,530 million in Q2 2026, with net debt-to-EBITDA improving to 0.72x.

• Expanded owned fleet to 107 vessels, including acquisition of five IMO2 MR chemical tankers and newbuild orders across multiple segments.

• Maintained zero fatality and zero oil spill record, prioritizing crew and vessel safety amid ongoing geopolitical tensions.

• Strong operational performance across all business units, with significant contributions from Oil, Chemicals & Products, Integrated Logistics, and Dry Bulk.

Financial highlights

• Q2 2026 revenue: 6,305 million (+156% YoY); EBITDA: 3,391 million (+209% YoY); net profit: 2,747 million (+574% YoY); EPS: 2.98 (+574% YoY).

• H1 2026 revenue: 11,270 million (+144% YoY); EBITDA: 6,228 million (+171% YoY); net profit: 4,896 million (+421% YoY); EPS: 5.31 (+421% YoY).

• Net operating cash flow up 280% year-over-year to 2,525 million in Q2 2026.

• Net debt reduced to 6,616 million at end-June 2026, with net debt/EBITDA improving to 0.72x from 2.19x.

• Free cash flow of 1,978 million in Q2 2026 and 3,254 million in H1 2026.

Outlook and guidance

• Strategic focus on expanding Saudi and global cargo volumes, capturing localization-driven flows, and developing end-to-end logistics capabilities.

• Expects continued market volatility due to geopolitical developments, but underlying fundamentals remain supported by recovering crude production and long-haul crude flows.

• Continued fleet expansion and modernization, with newbuild deliveries scheduled through 2030.

• Emphasis on cost discipline, portfolio management, and strategic partnerships to maximize yield.

• Management continues to monitor regional geopolitical developments, which have positively impacted results due to higher freight rates and vessel utilization.