NSCSA Announces its Interim Consolidated Financial Results
for the period ended 31st March, 2011 (3-months)

Apr 20, 2011

NSCSA announced the Interim Consolidated Financial Results
for the 3-months ended 31st March, 2011 as follows:

1. Net profit, for 3-months up to 31st March 2011, totaled SAR 59.7 million compared to SAR 130.4 million for the corresponding quarter for the year 2010, a decrease of 54%. Compared to SAR 51.5 million for the previous quarter with an increase of 16%.

2. Gross profit, for 3-months up to 31st March 2011, totaled SAR 36.1 million compared to SAR 137.5 million for the corresponding quarter for the year 2010, a decrease of 74%.

3. Operating profit, for 3-months up to 31st March 2011, totaled SAR 8.7 million compared to SAR 113.9 million for the corresponding quarter for the year 2010, a decrease of 92%.

4. Earning per Share (EPS) from net profit, for 3-months up to 31st March, 2011, totaled SAR 0.19 compared to SAR 0.41 for the corresponding quarter for the year 2010.

5. The CEO of NSCSA, Mr. Saleh Nasser Al-Jasser, traced the decrease in the net profit during the 1st quarter 2011 compared to the same quarter 2010 to the decrease in the average time charter equivalent (TCE) rates in Very Large Crude Carrier (VLCC) spot market due to the excess supply of tonnage resulted from the entrance of new VLCCs. The increase in the net profit compared to the 4th quarter of the previous year was due to the increased profit share in the Petredec company.

The National Shipping Company of Saudi Arabia (NSCSA), press release