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NATIONAL SHIPPING COMPANY OF SAUDI ARABIA ANNOUNCES THE INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING ON 30-09-2015 (NINE MONTHS)

18 OCT 2015

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
NET PROFIT (LOSS) 510.3 84.85 501.41 342.48 49
GROSS PROFIT (LOSS) 611.25 118.09 417.61 440.43 38.78
OPERATIONAL PROFIT (LOSS) 545.29 92.41 490.08 411.92 32.38
 
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
NET PROFIT (LOSS) 1,251.19 410.42 204.86
GROSS PROFIT (LOSS) 1,506.89 442.4 240.62
OPERATIONAL PROFIT (LOSS) 1,385.16 378.44 266.02
EARNING OR LOSS PER SHARE, RIYALS 3.18 1.29 -
All figures are in (Millions) Saudi Arabia, Riyals
 
ELEMENT EXPLAINATION
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH SAME QUARTER LAST YEAR The increase in the net income is mainly due to the following reasons: 1- An increase operating revenues as a result of the increase in VLCC fleet from 26 to 31 VLCCs, 5 product tankers and 1 floating storage after completing the merger of Vela Marine International Ltd. assets and operations with Bahri assets and operations. 2- The increase in average Time Charter Equivalent (TCE) rate in crude oil transportation spot market during the current quarter compared to the corresponding quarter of 2014. 3- The increase in the operating revenues and net income of General Cargo Transportation sector due to the improvement of the operating performance. 4- The decrease in average bunker cost. 5- Increase in profit from Petredec Limited (30.3% owned by Bahri) by SAR 28.7 million (current quarter: SAR 65.8 million vs. corresponding quarter of last year: SAR 37.1 million).
REASONS OF INCREASE (DECREASE) FOR PERIOD COMPARED WITH SAME PERIOD LAST YEAR The increase in the net income is mainly due to the following reasons: 1- An increase operating revenues as a result of the increase in VLCC fleet from 26 to 31 VLCCs, 5 product tankers and 1 floating storage as a result of completing the merger of Vela Marine International Ltd. assets and operations with Bahri assets and operations. 2- The increase in average Time Charter Equivalent (TCE) rate in crude oil transportation spot market compared to the corresponding period of 2014. 3- The increase in the operating revenues and net income of General Cargo Transportation sector due to the improvement of the operating performance. 4- The decrease in average bunker cost.
REASONS OF INCREASE (DECREASE) FOR QUARTER COMPARED WITH PREVIOUS QUARTER The increase in the net income of the current quarter compared to the previous quarter is mainly due to the following reasons: 1- The increase in operating revenues due to better operational and commercial performance. 2- The increase in the operating revenues and net income of General Cargo Transportation sector due to the improvement of the operating performance. 3- Increase in profit from Petredec Limited (30.3% owned by Bahri) by SAR 56.5 million (current quarter: SAR 65.8 million vs. previous quarter: SAR 9.3 million).
RECLASSIFICATIONS IN QUARTERLY FINANCIAL RESULTS Some items have been reclassified for comparison purposes.
OTHER NOTES The earnings per share for the period is SAR 3.18, compared to SAR 1.29 for the corresponding period of previous year. 
on 15, September, 2015, the number of outstanding shares has increased from 315 million to 393.75 million shares. The earnings per share was calculated based on outstanding number of shares in the current period, and based on the weighted average number of outstanding shares in the corresponding period of 2014 (number of outstanding shares in current period: 393.75 million shares, corresponding period of 2014: 318.28 million shares).