(NSCSA) Financial Results for the 6 months ended 30th June 2010

Jul 18, 2010

Mr. Humoud A. Al-Ajlan, Chief Executive Officer of The National Shipping Company of Saudi Arabia (NSCSA) announced today NSCSA 6-months financial results ending 30th June 2010.

NSCSA achieved a net profit, for 6-months up to June 30th 2010, of SAR 262.5 million (EPS SAR 0.83) compared to a net profit of SAR 258.7 million (EPS SAR 0.82 ) for the corresponding period for the year 2009, an increase of 1.5%. The net profit for the 2nd Quarter 2010 was SAR. 132.2 million vs. SAR. 107.7 million for the same quarter 2009 which reflected an increase of 22.8%.

Mr. Al-Ajlan explained that the increase of profit was due to the improved average rates of crude oil transportation and four VLCCs delivered in March, May, July and September of 2009.

NSCSA press release