REPORT OF THE BOARD OF DIRECTORS
• The National Chemicals Carriers signed a contract on 21 December, 2010 with (SLS) to purchase (2) of the cancelled tankers for an amount of SAR 322.5 million and an expected delivery during the first half of 2011. Con- sidering that the company had contracted to build these tankers but due to delay in delivery they were cancelled; thus the company saved SAR 45 mil- lion, which is the difference between the amount of the original contract value and the value of the repurchase. • Reorganizing the administrative structure of certain business sectors of the company. • Amendment of some terms under the time charter agreements for chemical tankers with some customer(s) to benefit the company. • Approved new building of a special petrochemical tanker with a capacity of (75,000) dwt. • Complete the inspection and operational phase of the Enterprise Resources Planning (ERP) system in the company adopted by the Human Resources Management & Corporate Administration and the Finance Division. • Settlement of the company issues with the Department of Zakat until the end of the year 2000, as well as finished payment of installments of tax interest claim for the period from 1982 to 1995. The final installment was paid at the end of June 2010, further more the status of the National Chemicals Carriers with zakat for the period from 1991 to 2004. • In the year 2010, NSCSA obtained International Quality Certificate “ISO 9001:2008”. • NSCSA won first prize for the transparency award which was organized by the (BMG) Financial Group as the most transparent company in Saudi Arabia during 2010. In conclusion, I would like to extend my gratitude to the Government of the Custodian of the Two Holy Mosques, represented by the Public Investment Fund for their continued support to the company and also extend my appre- ciation to the previous members of the Board of Directors for their sustained efforts during the previous session (2008-2010). I would also like to welcome my fellow Board Members for the current session (2011-2013) and wish to all the best of success and guidance in their endeavors. I also extend my appreciation to the owners and customers of NSCSA for their support to the company, as well as all the employees for their commendable efforts in the implementation of the directives and decisions of the Board and the Management for the benefit of the company and its shareholders.
Cooperation for Integration!
Abdullah Sulaiman Al Rubaian Chairman of the Board
The National Shipping Company of Saudi Arabia Annual Report 2010
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