The National Shipping Co. Saudi Arabia : NSCSA announced the Interim Consolidated Financial Results for the 12-months ended 31st December, 2011 (Twelve Months)
January 18, 2012 at 06:49 am
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NSCSA announced the Interim
Consolidated Financial Results
for the 12-months ended 31st
December, 2011 as follows:
1.Net profit, for the fourth
quarter totaled SAR 113.6 million
compared to SAR 55.4 million for
the corresponding quarter for the
year 2010, an increase of 105%,
also compared to SAR 23.4 million
for the previous quarter with an
increase of 385.5%.
2. Gross profit, for the fourth
quarter totaled SAR 33.1 million
compared to SAR 60 million for
the corresponding quarter for the
year 2010, a decrease of
44.8%.
3. Operating profit, for the
fourth quarter totaled SAR 3.2
million compared to SAR 27.5
million for the corresponding
quarter for the year 2010, a
decrease of 88.4%.
4. Net profit, for the 12-months
totaled SAR 288 million compared
to SAR 414.9 million for the
corresponding period for the year
2010, a decrease of 31%.
5. Earnings per Share (EPS) from
net profit, for the 12-months
totaled SAR 0.91 compared to SAR
1.32 for the corresponding period
for the year 2010.
6. Gross profit, for the
12-months totaled SAR 169 million
compared to SAR 447.9 million for
the corresponding period for the
year 2010, a decrease of
62.3%.
7. Operating profit, for the
12-months totaled SAR 59.1
million compared to SAR 344.1
million for the corresponding
period for the year 2010, a
decrease of 82.8%.
8. The CEO of NSCSA, Mr. Saleh
Al-Jasser traced the increase in
the net profit during the fourth
quarter compared with the
corresponding quarter for the
year 2010 and the last quarter
to:
- Increase in Petredec Limited
(NSCSA owns 30.3% share) profit
which resulted from the positive
improvement trading & shipping
markets of Liquefied Petroleum
Gas (LPG) as well as the
improvement in the General Cargo
Transport Sector and
Petrochemical Transport Sector.
However, the decrease in the
operating income and the net
profit for the 12-months period
of 2011 compared with the same
corresponding period of 2010 was
due to the following reasons:
-Decrease in the average time
charter equivalent (TCE) rates in
Very Large Crude Carrier (VLCC)
spot market due to excess
capacity of tonnage resulted from
the entrance of new VLCCs in the
market.
-Expiry of three Time Charter
contract vessels and their entry
back to the spot market during
the second and third quarter of
the year 2011.
-The increased cost of the vessel
bunker.
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National Shipping Company of Saudi Arabia SJSC is a Saudi Arabia-based entity which is primarily engaged in purchasing, selling and operating of vessels. The Companyâs activity also includes operating vessels for the transportation of cargo, and agencies for maritime shipping companies, cargo clearance, and consolidation for transport and storage on board vessels and all of the marine transport activities, etc. The Company is organized into four business segments which include crude oil transportation, chemicals transportation, logistics and dry bulk transportation. The Company's subsidiaries include National Chemical Carriers Company Limited, Bahri Bunge Dry Bulk DMCC, Bahri Bollore Logistics Company, Mideast Ship Management Limited, among others.
The National Shipping Co. Saudi Arabia : NSCSA announced the Interim Consolidated Financial Results for the 12-months ended 31st December, 2011 (Twelve Months)
THE NATIONAL SHIPPING COMPANY OF SAUDI ARABIA 
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