National Shipping of Saudi Arabia announces Net Profit increase

The main reason for the increase in net profit during the current quarter compared to the same quarter of last year is:
The increase in revenues by 74% and this is due to the improvement in all sectors especially in the oil transportation sector where its revenues have increased by the amount of SR 646 million as well as the increase in the chemicals transportation sector revenue by the amount of SR 279 million, due to the improvement in global shipping rates and the increase in shipping operations as well as the additions of new vessels in Bahri fleet.

– The decrease in the provision of doubtful debts by the amount of SR 50 million and this is mainly due to the improvement of collection process for prior years debts, in addition to the increase in other income by the amount of SR 30 million during the current quarter compared with same quarter last year.

– While the increase in finance cost by the amount of SR 44 million has limited the increase in net profits during the current quarter compared with same quarter last year.

The main reason for the increase in net profit in the current quarter compared to the previous quarter is:

-The increase in revenues by 15% and this is due to the improvement in multiple sectors especially in the oil transportation sector where its revenues have increased by the amount of SR 265 million as well as the increase in the chemicals transportation sector revenues by the amount of SR 128 million, due to the improvement in global shipping rates and the increase in shipping operations as well as the additions of new vessels in Bahri fleet.

The decrease in the provision of doubtful debts by the amount of SR 51 million and this is mainly due to improvement of collection process for prior years debts, in addition to the increase in other income by the amount of SR 26 million during the current quarter compared with previous quarter.

– While the increase in finance cost by the amount of SR 36 million and the decrease in the group’s share in results of equity accounted investee by the amount of SR 27 million has limited the increase in net profits during the current quarter compared with previous quarter.

The main reason for the increase in net profit during the current period compared to the same period of last year is:

– The increase in revenues by 54% and this is due to the improvement in all sectors especially in the oil transportation sector where its revenues have increased by the amount of SR 1,253 million as well as the increase in the chemicals transportation sector revenues by the amount of SR 540 million, due to the improvement in global shipping rates and the increase in shipping operations as well as the additions of new vessels in Bahri fleet.

-The decrease in the provision of doubtful debts by the amount of SR 34 million and this is mainly due to improvement of collection process for prior years debts, in addition to the increase in other income by the amount of SR 14 million during the current period compared to the same period of last year.

– While the increase in the finance cost by amount of SR 49 million has limited the increase in net profits during the current period compared with same period of last year.

Unmodified conclusion

Certain comparative figures of the prior period have been reclassified to match with the presentation of the current period.
Source: The National Shipping Company of Saudi Arabia JSC