National Shipping Company of Saudi Arabia announces the interim financial results for the period ending on 30-06-2017 (Six Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 153.91 | 487.1 | -68.4 | 378.86 | -59.38 |
| Gross profit (loss) | 267.5 | 555.39 | -51.84 | 477.79 | -44.01 |
| Operational profit (loss) | 238.11 | 544.94 | -56.31 | 443.03 | -46.25 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 532.77 | 1,100.03 | -51.57 |
| Gross profit (loss) | 745.29 | 1,302.53 | -42.78 |
| Operational profit (loss) | 681.13 | 1,220.94 | -44.21 |
| Earning or loss per share, Riyals | 1.35 | 2.79 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The decrease in net income for the current quarter compared to the corresponding quarter of previous year is mainly due to: -Lower spot market rates in general and specifically in oil transportation. The decrease in net income for the current quarter compared to the corresponding quarter of previous year is mainly due to: -Lower spot market rates in general and specifically in oil transportation. - Increase in bunker costs as a result of higher bunker prices during the current quarter compared to the corresponding quarter of 2016. |
| Reasons of increase (decrease) for period compared with same period last year | The decrease in net income for the current period compared to the corresponding period is mainly due to: - Lower spot market rates in general and specifically in oil transportation. - Increase in bunker costs as a result of higher bunker prices. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The decreased in net income for the current quarter compared to the previous quarter is mainly due to: -Lower spot market rates in general and specifically in oil transportation during the current quarter compared to the previous quarter. |
| Reclassifications in quarterly financial results | Certain figures for the comparative period and the implementation of the IFRS, have been reclassified to conform to the current period presentation. |
| Other notes | Total revenues for the current quarter has amounted SAR 1,391 million compared to total revenues of SAR 1,835 million in the corresponding quarter of last year representing a decrease that is equal to 24%, and SAR 1,938 million for the previous quarter with a decrease of 28%. Total revenues for the current period was SAR 3,329 million compared to SAR 3,793 million in the corresponding period of last year with a decrease of 12%. Total Equity Attributable to Shareholders as at 30 June 2017 amounted to SAR 9,226 million as compared to SAR 9,058 million as at 30 June 2016, an increase of 2%. The Total comprehensive income for the quarter amounted to SAR 154 million compared to the same quarter last year SAR 488 million a decrease of 68% and 379 in previous quarter with a decrease of 59%. The Total comprehensive income for the current period is SAR 533 million and SAR 1,102 million for the corresponding period with a decrease by 52%. |
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