Consolidated Financial Statements
22. EARNINGS PER SHARE AND DIVIDENDS
Earnings per share was calculated based on the number of shares outstanding during the years ended December 31, 2009 and 2008 totaling to 315 million shares. The Board of Directors, in its meeting held on 01/12/1429H (November 29, 2008), proposed to the General Assembly for the approval of dividends at rate of 15% of capital equal to SR 1.5 per share for 2008.
The General Assembly approved the dividends on March 30, 2009 and the distribution was completed on April 14, 2009. The balance of unclaimed dividends as of December 31, 2009 amounted to SR 29.19 million. The earning per share from non-operating income is SR 0.29 for 2009 (2008: loss per share of SR 0.33).
23. CONSOLIDATION OF SUBSIDIARIES
balances. Following is a summary of the financial position and results of operations of these subsidiaries as of and for the year ended December 31:
The consolidated financial statements include the financial statements of the Company and its subsidiaries, after eliminating all intercompany
2009
Total assets
Gross operating income
Net (loss) profit
NAME
Total liabilities
NSCSA (America) Inc.
16,465
(7,665)
15,712
(2,402)
Mideast Ship Management Ltd.
50,626
(34,578)
37,086
4,716
National Chemical Carriers Ltd Co.
3,309,582
(2,358,988)
151,814
135,221
In Thousands Saudi Riyals
2008
Total assets
Gross operating income
Net (loss) profit
NAME
Total liabilities
NSCSA (America) Inc.
20,811
)9,609(
29,066
3,625
Mideast Ship Management Ltd.
50,992
)39,658(
22,542
)7,976(
National Chemical Carriers Ltd Co,
3,071,264
)2,255,890(
116,094
46,927
In Thousands Saudi Riyals
Annual Report 2009 The National Shipping Company of Saudi Arabia
63
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