Company’s Letter
NSCSA manages a portfolio of diversified marine assets for the purpose of creating long term shareholder value. NSCSA accomplishes this purpose by:
•Actively managing the commercial and technical operations of the marine business it is invested in. • Strategically investing and divesting in marine sectors according to past performance and future outlook. •Achieving the highest standards and maintaining transparency in the work. • Participation in the national economic development. • Achieving the best returns to shareholders. The National Shipping Company of Saudi Arabia was formed in 1979 as a Saudi Joint Stock Company by the Royal Decree No. M/5 dated 12/02/1398H (22/01/1978) to be the national carrier and a leading shipping company in the region. The Government of the Custodian of the Two Holy Mosques through the Public Investment Fund has a share of 28% of NSCSA’s capital. NSCSA started its operations in the General Cargo sector in the year 1983. In 1985, as a part of strategic planning to diversify the sources, NSCSA entered into the transporting of petrochemical products. In 1995, NSCSA entered into the crude oil transportation, and also purchased a share in Petredec Co. Ltd. for the transportation of LPG. Establishing this national entity aims to have a role in developing the country’s economy. Shipping acts as the main method for the Kingdom’s trade with the world and NSCSA provides a realiable shipping transportation to the Kingdom. NSCSA services cover multiple markets around the world in various sectors of the marine transportation through its branch offices and a network of agents. NSCSA has also established subsidiary and joint venture companies to expand its investments to ensure continues high profits each year. NSCSA also works to provide high quality services to meet their customer’s requirements, in addition to creating employment opportunities for the qualified Saudi cadets and participating in building the national economy. Since its inception, NSCSA committed itself to complete transparency in its dealings in all its activities and the disclosure of the financial results as well as factual information. NSCSA adopts all safety standards in its operations to preserve the environment and is committed to its social responsibility. Furthermore, NSCSA won the first prize for the (BMG) transparency award for the year 2010. Through implementing the successive strategic plans, NSCSA continues to grow and focus on the mission and stated objectives by utilizing its resources in order to achieve the best returns for the owners and shareholders.
Introduction
The National Shipping Company of Saudi Arabia Annual Report 2010
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