The National Shipping Company of Saudi Arabia reported earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net profit of SAR 566.88 million compared to SAR 123.42 million a year ago. Operational profit was SAR 595.47 million compared to SAR 196.91 million a year ago. The increase in net income for the current quarter compared to the corresponding quarter is mainly due to: an increase in operating revenues as a result of the increase in VLCC fleet after completing the merger of Vela Marine International Ltd. assets and operations with Bahri assets and operations, buying and receiving more VLCCs and chemical tankers during 2015, as the fleet now consists of seventy five vessels; from which 33 are VLCCs and 26 are chemical tankers. The increase in operating revenues due to better operational and commercial performance.

For the full year, the company reported net profit of SAR 1,818.07 million compared to SAR 533.84 million a year ago. Operational profit was SAR 1,980.63 million compared to SAR 575.35 million a year ago. Earnings per share were SAR 4.62 compared to SAR 1.58 a year ago.