This milestone underscores the exceptional skills and dedication of our team in seizing market opportunities, balancing our revenue streams, increasing cargo volumes, optimizing voyage planning, and investing in our fleet modernization and expansion program. Additionally, we had a strong income contribution from our associated company Petredec, propelled by growth in its profits and the increase in our equity stake in the company during the fourth quarter of 2023. All these efforts leveraged our 8% growth in revenues to a 34% surge in net profit.

We also laid a robust foundation for sustained growth through significant investments in 2024. These included the acquisition of 15 vessels as part of our fleet modernization and expansion program, partially funded with capital recycled from the divestment of six older ships. As a result, our capital expenditure reached % 5.48 billion, funded mainly by cash generated from operations during the year, and partly with new borrowings. We ended the year with a healthy net debt-to-EBITDA multiple of 1.68x, with the increase in net debt partially but significantly offset by the strong earnings of the year.

To further strengthen our financial position, we expanded our funding pool with a USD 756 million secured Murabaha financing agreement in October 2024, as well as a USD 800 million revolving credit facility which was secured in January 2025 to support working capital and capital expenditures, as needed.

These actions and achievements reflect our confidence in Bahri’s resilient fundamentals, substantial growth potential and the capabilities of our people to drive sustained value creation for our shareholders. We remain committed to delivering long-term growth and reinforcing Bahri’s position as a global leader in logistics and shipping.