Financial Statements & Operational Results
In 2010, NSCSA achieved a net profit of SAR 414.88 million compared to SAR 369.3 million in 2009. The total profit from operations during 2010 is SAR 344.08 million compared to SAR 277.45 million during 2009 with an increase of 24% which was due to the improvement in average time charter equivalent (TCE) rates in the Very Large Crude Carrier (VLCC) spot market and due to the cancellation of the contracts to build seven chemical tankers through its subsidiary company National Chemical Carriers Ltd. Co. (80% owned) recovering a total compensation of SAR 15.1 million.
NSCSA results of operations shown in the following tables and financial statements:
Financial Results for the Past Five Years (In Thousands Saudi Riyals)
Year
2010
2009
2008
2007
2006
Operating Revenue
2,049,830 1,672,016
2,594,530 1,703,294
1,651,281
Operating Expenses
(1,601,945) (1,299,545)
(1,633,882)
(1,251,958)
(1,161,006)
Operating Income
447,885
372,471
960,648
451,336
490,275
General and Administrative
(103,801)
(95,020)
(105,718)
(87,301)
(81,344)
Other Income (Expenses), Net
107,159
126,439
(50,491)
76,960
51,870
Zakat & Tax
(36,365)
(34,590)
(54,471)
(18,419)
(19,305)
Net profit
414,878
369,300
749,968
422,576
441,496
Earning Per Share (SAR)
1.32
1.17
2.38
1.48
1.96
Diagram of Financial Statements & Operational Results for the Past Five Years
The National Shipping Company of Saudi Arabia Annual Report 2010
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