Board of Directors Report
16
Financial Statements & Results of Operations
The Company’s operations have witnessed a quantum leap and excellent results in the course of 2008 despite the state of volatility that dominated the global economy due to declining growth rate in most countries of the world during the second half of 2008. The company posted a net profit of 749.97 million Saudi Riyals (compared to SAR 422.58 millions in 2007) marking an increaseof SAR327.39or 77.47%over prior year income. Achievement of such recorded results are attributed to several factors, including: Improvement in the charter rates of carriers and general cargo freight rates during the first nine months of 2008.
Diversification activities and sources of income of the company, which led to stability and growth in profits. of
Putting new oil tankers in service during the year 2008.
Adoption of a balanced policy in the selection between long-term charter of carriers and the spot market business.
All sectors of the company and its affiliates have contributed effectively to achieve these results.
Financial Results for the previous five years*
Year
2008
2007
2006
2005
2004
Operating Revenue Operating Expenses Gross Operating Income
2.594.530 (1.633.882) 960.648 (105.718)
1.703.294 )1.251.958(
1.651.281 )1.161.006(
1.602.270 )1.081.005(
1.646.221 )1.080.813(
451.336 )87.301( 76.960 )18.419( 422.576 1.48
490.275 )81.344( 51.870 )19.305( 441.496 1.96
521.265 )70.844( 6.096 )18.677( 437.840 2.19
565.408 )66.914( )50.669( )19.985( 427.840 2.14
General and Administrative Expenses
Other Income (Expenses) Zakat &Tax Provision Net profit Earning Per Share (SAR)
(50.491) (54.471) 749.968 2.38
*SAR (000)
Financial Results for the previous five years
3
2.5
2
1.5
1
0.5
0
2004
2005
2006
2007
2008
General and Administrative Expenses
Operating Revenues
Operating Expenses
Net Profit
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