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News

National Shipping Company of Saudi Arabia announces the interim financial results for the period ending on 31-03-2018 (Three Months)

25 April 2018
ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) 123.14 378.86 -67.5 207.04 -40.52
Gross profit (loss) 303.78 477.79 -36.42 365.85 -16.97
Operational profit (loss) 256.91 443.03 -42.01 268.05 -4.16
Earning or loss per share, Riyals 0.31 0.96 - - -
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The decrease in net income for the current quarter compared to the corresponding quarter is mainly due to:-
- Lower in spot market rates in oil transportation during current quarter of the year 2018 compared to the rates in corresponding quarter.
- An increase in bunker costs as a result of higher bunker prices during the current quarter compared to corresponding quarter.
- Petredec Ltd. (30.3% owned) achieved a loss of SAR 21 million against a profit of SAR 19 million compared to corresponding quarter.
- An increase in the financing expenses during the current quarter to fund the expansion of Bahri's fleet and the high cost of finance.
- An increase in general and administrative expenses for the current quarter compared to corresponding quarter as a result of the expansion of the operation activities in the company.
- The addition of new vessels to the Bahri's fleet and the growth in chemicals sector and logistics service sector have contributed to reduce the impact of lower transport prices on the company's performance.
Reasons of increase (decrease) for quarter compared with previous quarter The decreased in net income for the current quarter compared to the previous quarter is mainly due to:
-Lower spot market rates in general and specifically in oil transportation during the current quarter compared to the previous quarter.
- Petredec Ltd. (30.3% owned) achieved a loss of SAR 21 million against a profit of SAR 35 million compared to the previous quarter.
- An increase in the financing expenses during the current quarter to fund the expansion of Bahri's fleet and the increase in the interest rate.
Other notes Total revenues for the current quarter is SAR 1,457 million compared to total revenues of SAR 1,938 million in the corresponding quarter of last year, representing a decrease that is equal to 25%, and 1,434 in previous quarter with a increase of 2%.
Total Equity Attributable to Shareholders as at 31 March 2018 is SAR 9,618 million as compared to SAR 9,072 million as at 31 March 2017,with a increase of 6%.
The Total comprehensive income for the current quarter is SAR 123 million compared to corresponding quarter SAR 379 million representing a decrease of 67%, and 208 in previous quarter with a decrease of 41%.