Management Report
NCC Claims
Period
Tax Claims Zakat Claims
Remarks
These years have been settled with the Department of Zakat and Income Tax (DZIT).
1991-1993
15,825
12,585
1994-1996
4,671
12,218
NCC objection is being reviewed by the DZIT.
1997-2004
11,363
22,424
These years have been settled with the DZIT.
2004
672
2,299
This year has been settled with the DZIT.
Additional Assessment
4,787
---
NCC objection is being reviewed by the DZIT.
Total
37,318
49,526
In Thousands Saudi Riyals
Social Insurance: Total NSCSAcontributions to theGeneral Organization for Social Insurance in 2009 amounted to SAR 1,723,052, compared to SAR 1,916,873 in 2008.
Other Government Charges (Visas, Passports, etc.): Visas and passport-related charges paid to the government treasury in 2009 amounted to SAR 186,503, compared to SAR 419,569 in 2008.
Dividend Distribution
statutory reserve in accordance with the provisions of Article (34) of the memorandum and articles of association of the company. Members of the Board of Directors are also entitled to remuneration for attending Board meetings, in addition to lump sum annual bonuses in accordance with applicable regulatory rules. The following table shows the net profits generated during the years 2005 - 2009 and dividend distributions made proportionate to net profit averaging (55%) and dividend distributions proportional to capital averaging (11.5%) during the past five years.
Dividend distribution depends on the company’s results of operations, cash liquidity, working capital needs and capital investments. Based on this data, the Board of Directors, in its meeting held on January 18, 2010, recommended to the General Assembly to distribute an amount of SAR (315) million in dividends to shareholders for the fiscal year 2009, i.e. at the rate of one Saudi Riyal per share. Dividends are distributed to shareholders after deducting all general expenses and other costs and
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Annual Report 2009 The National Shipping Company of Saudi Arabia
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