NSCSA announces the Interim Consolidated Financial Results
for the 3-months ended 31st March, 2012

Apr 15, 2012

NSCSA announces the Interim Consolidated Financial Results for the 3-months ended 31st March, 2012 as follows:

1 Net profit, for 3-months, totaled SAR 160.1 million compared to SAR 59.7 million for the corresponding quarter of previous year, an increase of 168% and compared to SAR 113.6 million for the previous quarter with an increase of 41%.

2. Gross profit, for 3-months, totaled SAR 180.4 million compared to SAR 65.5 million for the corresponding quarter of previous year, an increase of 175%.

3. Operating profit, for 3-months, totaled SAR 151.1 million compared to SAR 38.1 million for the corresponding quarter of previous year, an increase of 297%.

4. Earning per Share (EPS) from net profit, for 3-months, totaled SAR 0.51 compared to SAR 0.19 for the corresponding quarter of previous year.

5. The CEO of NSCSA, Mr. Saleh Nasser Al-Jasser, traced the increase of net profit compared to corresponding quarter of previous year and the previous quarter to the improved average time charter equivalent rates in VLCC spot market of crude oil transportation and continued growth of Chemical Transport Business. He added such profits were achieved despite increase of bunker cost by 23% which has been encountered by slow steaming and adjusting some sailing routes to reduce consumed bunker quantities.

6. Some items have been reclassified for comparison purpose.

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