Bahri Annual Report-2010

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

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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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