Bahrain Ship Repair and Engineering Company B.S.C. announced… (BASREC) reported achieving profits attributable to shareholders for the third quarter of 2025 amounting to 457,394 Bahraini dinars, compared to 196,824 Bahraini dinars in the same quarter of 2024, an increase of 132%.
Basic and diluted earnings per share were 23 fils (Q3 2024: 10 fils).
Total comprehensive income of BD 389,558 for the third quarter ending 30 September 2025, an increase of 45% compared to BD 267,739 for the same period in 2024.
Revenue for the quarter was BD 2,164,980, an increase of 41% compared to BD 1,530,889 in Q3 2024, supported by strong ship repair activity and higher other revenues.
For the nine months ending September 30, 2025, BASREC reported a profit of BD 2,016,777, an increase from BD 1,768,984 in the nine months ending September 30, 2024, an increase of 14% year-on-year.
Basic and diluted earnings per share were 23 fils (Q3 2024: 10 fils).
During the nine-month period ending 30 September 2025, the Company achieved a total comprehensive income of BD 2,284,163, an increase of 26% compared to BD 1,804,129 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 BD 6,095,425 (BD 5,556,953 in the first nine months of 2024), an increase of 9.7%. Basic and diluted earnings per share were 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 BD 35,372,891, an increase of 3.7% (31 December 2024: BD 34,078,350), supported by current year dividends and fair value gains from equity investments.
Total assets reached BD 39,336,956 at 30 September 2025 (31 December 2024: BD 38,310,714), an increase of 3%, reflecting an increase in cash and bank balances and an improvement in working capital. The Group continues to maintain strong liquidity, with its cash and deposit balance reaching BD 15,021,856 at September 30, 2025.
On this occasion, Chairman of the Board of Directors of BASREC, Mr. Fawzi Ahmed Kanoo, commented: “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, and our ability to deal efficiently with market variables, in addition to the growing confidence we receive 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.
Our ship repair operations remain a key pillar of the company’s performance, maintaining a strong pace supported by high demand and improved operational efficiency. Our diversified investment portfolio continues to play an important role in supporting net profits and adding sustainable value to shareholders.
At BASREC, we are proud to have an elite group of Bahraini talents. It includes young engineers, technicians and leaders who have proven their ability to create, innovate and support the development and growth process within the company.”
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 for sustainable growth and enhance our competitiveness in the ship repair and engineering services sector.”
Ms. Narges Al-Moussawi, Chief Human Resources and Corporate Services Officer and Acting CEO of the company, added: “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 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.
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, which will enhance BASREC’s presence in the market and support its journey towards achieving sustainable growth and added value for shareholders and customers alike.”
The audited financial statements for the nine months ending September 30, 2025 are available on the Bahrain Bourse website.
