The National Shipping Company of Saudi Arabia (4030) Q4 2025 earnings summary

Executive summary

• Achieved record-breaking financial results in 2025, with net profit of 2.43 billion and revenue of 10.35 billion, driven by disciplined strategy execution, fleet expansion, and strong crude market conditions.

• Q4 2025 revenue rose 47% YoY to 3,263 million, with net profit more than doubling to 978 million; positive free cash flow of 314 million in Q4 strengthened the balance sheet.

• Strategic focus on sustainable growth, diversification, commercial agility, and value-accretive investments, including mobile desalination and last-mile logistics.

• Strengthened partnerships and secured long-term contracts with major industry players, including Aramco, S-Oil, Petredec, Luberef, and Maaden.

• Fleet expanded to 104 owned vessels after acquiring 12 modern ships, with contracts for 10 newbuilds to be delivered by 2029.

Financial highlights

• Full-year revenue up 9% YoY to 10.35 billion; Q4 2025 revenue rose 47% YoY to 3,263 million.

• Q4 2025 EBITDA increased 50% YoY to 1,675 million, with a margin of 51%.

• Net profit for Q4 2025 more than doubled YoY to 978 million; full-year net profit reached 2.43 billion.

• EPS for 2025 at 2.63, up 12% YoY; Q4 2025 EPS was 1.06, up 106% YoY.

• Free cash flow positive at 314 million in Q4 2025, supported by lower capital expenditures.

Outlook and guidance

• Strategic priorities for 2026 include expanding Saudi oil cargo volumes, developing logistics capabilities, and exploring non-core opportunities.

• Continued fleet expansion and modernization planned, with deliveries scheduled through 2029.

• Emphasis on cost discipline, portfolio management, and maximizing yield.

• Crude tanker markets expected to stay robust short-term, with volatility from trade and geopolitical factors.

• Chemicals and dry bulk markets to remain uneven, with continued normalization and volatility anticipated.