Bahrain Ship Repair and Engineering Company (BASREC) announced profits attributable to shareholders for the third quarter of 2025 amounting to 457,394 dinars, compared to 196,824 dinars in the same quarter of 2024, an increase of 132%.
Basic and diluted earnings per share amounted to 23 fils (Q3 2024: 10 fils).
The company achieved a total comprehensive income of 389,558 dinars for the third quarter ending September 30, 2025, an increase of 45% compared to 267,739 dinars for the same period in 2024.
Revenues for the quarter amounted to 2,164,980 dinars, an increase of 41% compared to 1,530,889 dinars in the third quarter of 2024, supported by strong ship repair activity and higher other revenues.
For the nine months ending September 30, 2025, BASREC announced a profit of 2,016,777 dinars, an increase from 1,768,984 dinars in the nine months ending September 30, 2024, an increase of 14% on an annual basis.
Basic and diluted earnings per share amounted to 23 fils (Q3 2024: 10 fils).
During the nine-month period ending September 30, 2025, the company achieved a total comprehensive income of 2,284,163 dinars, an increase of 26% compared to 1,804,129 dinars in the corresponding period of 2024. This growth reflects an improvement in operational performance and positive gains in the market value of the group’s equity investment portfolio.
Total revenues for the first nine months of 2025 increased to 6,095,425 dinars (5,556,953 dinars in the first nine months of 2024), an increase of 9.7%. Basic and diluted earnings per share amounted to 102 fils (89 fils in the first nine months of 2024). This growth was mainly due to increased activity in the ship repair division, which contributed the majority of total revenues. BASREC’s ship repair and engineering operations continue to be a major contributor to profitability, with continued focus on expanding service capabilities, efficiency and customer satisfaction.
Total equity reached 35,372,891 dinars, an increase of 3.7% (December 31, 2024: 34,078,350 dinars), supported by the current year’s profits and fair value gains from stock investments.
Total assets reached 39,336,956 dinars on September 30, 2025 (December 31, 2024: 38,310,714 dinars), an increase of 3%, which reflects an increase in cash and bank balances and an improvement in working capital.
The group continues to maintain strong liquidity, as its cash balance and deposits reached 15,021,856 dinars as of September 30, 2025.
On this occasion, Chairman of the Board of Directors of BASREC, Fawzi Kanoo, commented, saying: “BASREC continues to achieve outstanding financial and operational performance during the first nine months of 2025, which reflects the strength and flexibility of our business model, our ability to deal efficiently with market variables, in addition to the growing confidence we are receiving from our customers and partners. The results of this period confirm that our long-term strategy is moving in the right direction, and that the investments we have made over the past years have begun to bear fruit effectively.”
He added: “Our ship repair operations remain a fundamental pillar of the company’s performance, as it has maintained a strong pace supported by high demand and improved operational efficiency. Our diversified investment portfolio also continues to play an important role in supporting net profits and adding sustainable value to shareholders.”
He continued: “At BASRIC, we are proud to have an elite group of Bahraini talents, including engineers, technicians, and young leaders who have proven their ability to create, innovate, and support the process of development and growth within the company.”
He added: “At BASREC, we affirm our continued commitment to operational excellence, applying the highest standards of quality and safety, and enhancing the capabilities of our work teams. We will continue to work to expand the scope of our services and grow our business locally and regionally in line with our vision of sustainable growth and enhance our competitiveness in the ship repair and engineering services sector.”
Narges Al-Moussawi, CEO of Human Resources and Corporate Services and Acting CEO of the company, said: “At BASREC, we are proud of our ability to maintain consistent and distinguished performance despite the ongoing challenges in global markets and the marine services market in particular. This performance reflects the extent of the work team’s commitment to providing high-quality services, enhancing operating standards, and improving the efficiency of daily operations. Our teams in various departments have proven their ability to quickly adapt to changes and work with a high spirit of responsibility to ensure that business is conducted according to the highest levels of professionalism.”
She added: “We in the company also continue to work to improve the use of resources and enhance operating efficiency, by adopting more effective work mechanisms, investing in developing systems and processes, and implementing initiatives that contribute to enhancing productivity and operational governance. We also continue to explore strategic growth opportunities to expand the scope of our services, whether in the marine or engineering services sector, in a way that enhances BASREC’s presence in the market and supports its journey towards achieving sustainable growth and added value for shareholders and customers alike.”
