The National Shipping Company of Saudi Arabia
Annual Report 2008
57
Notes To The Consolidated Financial Statements For the year ended December 31, 2008 (InThousands Saudi Riyals)
for 2008. The balance of unclaimed dividends as of December 31, 2008 amounted to SR 23.4 million (2007: SR 18.4 million).
The (loss) earning per share from non-operating (loss) income is SR (0.33) for 2008 (2007: SR 0.20).
22. Consolidation of Subsidiaries
Following is a summary of the financial position and results of operations of these subsidiaries for the year ended December 31:
The financial statements include the financial statements of the Company and its subsidiaries, after eliminating all intercompany balances. consolidated
2008
Gross operating income
Total assets
Total li- abilities
Net profit (loss)
NSCSA (America) Inc. Ltd. Mideast Ship Management Ltd. National Chemi- cal Carriers Ltd.
20.811
)9.609(
29.066
3.625
50.992
)39.658(
22.542
)7.976(
3.071.264
)2.255.890(
116.094
46.927
2007
Gross operating income
Net profit (loss)
Total assets
Total li- abilities
NSCSA (America) Inc. Ltd. Mideast Ship Management Ltd. National Chemi- cal Carriers Ltd.
23.839
)16.261(
24.816
3.478
59.945
)40.636(
26.165
803
2.054.988
)1.286.541(
75.339
22.140
23. Commitments and Contingencies
The Company has issued letters of guarantee of SR 52.2 million which include two guarantees of SR 8 million and SR 41.6 million, respectively, in favor of the DZIT related to taxes and penalties imposed by the Appeals Committee as explained in (Note 14). These guarantees were issued against restricted cash, Murabaha, and short-term deposits of SR 5.82 million.
have arisen in the normal course of business. Although, the outcome of these litigations has not yet been determined, management does not expect that these cases will have a material adverse effect on the Company’s result of operations or its financial position. In addition, refer to (Note 11) in relation to future capital commitments to build Very Large Crude Carriers and chemical Carriers.
The Company has also certain outstanding legal proceedings that
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