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2. Gross profit, for the second quarter ended 30th June, 2011, totaled SAR 83.3 million compared to SAR 148.8 million for the corresponding quarter for the year 2010, a decrease of 44%. 3. Operating profit, for the second quarter ended 30th June, 2011, totaled SAR 56 million compared to SAR 124.4 million for the corresponding quarter for the year 2010, a decrease of 55%. 4. Net profit, for the 6-months ended 30th June, 2011, totaled SAR 151.1 million compared to SAR 262.5 million for the corresponding period for the year 2010, a decrease of 42%. 5. Gross profit, for the 6-months ended 30th June, 2011, totaled SAR 119.4 million compared to SAR 286.3 million for the corresponding period for the year 2010, a decrease of 58%. 6. Operating profit, for the 6-months ended 30th June, 2011, totaled SAR 64.7 million compared to SAR 238.4 million for the corresponding period for the year 2010, a decrease of 73 %. 7. Earning per Share (EPS) from net profit, for the 6-months ended 30th June, 2011, totaled SAR 0.48 compared to SAR 0.83 for the corresponding period for the year 2010. 8. The acting CEO of NSCSA, Mr. Abdulaziz Khalid Al-Rasheed, traced the decrease in the net profit during the 6 months period of 2011 compared to the same period 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. Also, increase in the net profit during the 2nd quarter of the year 2011 compared to the 1st quarter was due to the improvement of operational profit in the General Cargo Sector. The National Shipping Company of Saudi Arabia (NSCSA), press release |
NSCSA announces its Interim Consolidated Financial Results