Consolidated Income Statement
For the year ended December 31, 2010 (In Thousands Saudi Riyals)
Notes
2010
2009
Operating revenues
19
2,049,830
1,672,016
Operating expenses
19 / 20
(1,601,945)
(1,299,545)
Gross operating income
447,885
372,471
General and administrative expenses
21
(103,801)
(95,020)
Operating income
344,084
277,451
Company’s share in profit of affiliates
9
36,932
84,942
Company’s share in net income of a joint venture
9
3,856
---
Financing charges
14
(50,179)
(77,669)
Other income (expense), net
22
25,625
62,998
Profit before bunker subsidy, zakat, tax, and minority interest
360,318
347,722
Bunker subsidy
109,498
83,212
Profit before zakat, tax, and minority interest
469,816
430,934
Zakat provision
16
(35,104)
(32,627)
Tax provision, net
16
(1,261)
(1,963)
Profit before minority interest
433,451
396,344
Minority interest in consolidated subsidiaries’ net profit
(18,573)
(27,044)
Net profit for the year
414,878
369,300
Earnings per share from operating income (SAR)
15
1.09
0.88
Earnings per share from net profit (SAR)
15
1.32
1.17
The accompanying notes from (1) to (26) form an integral part of these consolidated financial statements
The National Shipping Company of Saudi Arabia Annual Report 2010
50
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