National Shipping Company of Saudi Arabia announces the interim financial results for the period ending on 30-06-2018 (Six Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 185.41 | 153.91 | 20.47 | 123.14 | 50.57 |
| Gross profit (loss) | 334.47 | 267.5 | 25.04 | 303.78 | 10.1 |
| Operational profit (loss) | 305.46 | 238.11 | 28.29 | 256.91 | 18.9 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 308.54 | 532.77 | -42.09 |
| Gross profit (loss) | 638.25 | 745.29 | -14.36 |
| Operational profit (loss) | 562.37 | 681.13 | -17.44 |
| Earning or loss per share, Riyals | 0.78 | 1.35 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The increase in net income for the current quarter compared to the corresponding quarter is mainly due to:- - Better perofrmance of Company's business units during this quarter compared to corresponding quarter. - The increase in the Company's fleet limited the negative impact of the lower transportation rates during this quarter compared to corresponding quarter. - Investment in associates recorded a loss of SAR 13 million against a profit of SAR 24 million compared to corresponding quarter. |
| 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, specifically in oil transportation, and an increase in bunker costs during the current period compared to the corresponding period. - The addition of new vessels to the Bahri's fleet and better perofrmance in business units have contributed to reduce the impact of lower transport prices on the company's performance compared to the corresponding period. - Investment in associates recorded a loss of SAR 34 million against a profit of SAR 43 million compared to the corresponding period. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The increased in net income for the current quarter compared to the previous quarter is mainly due to: - Better perofrmance in business units during this quarter compared to the previous quarter. - The increase in the Company's fleet limited the negative impact of the lower transportation rates in the current quarter compared to the previous quarter. - Investment in associates recorded a loss of SAR 13 million against a profit of SAR 21 million compared to the previous quarter. |
| Other notes | Total revenues for the current quarter has amounted SAR 1,497 million compared to total revenues of SAR 1,391 million in the corresponding quarter of last year representing a an increase that is equal to 8%, and SAR 1,457 million for the previous quarter with a an increase of 3%. Total revenues for the current period was SAR 2,954 million compared to SAR 3,329 million in the corresponding period of last year with a decrease of 11%. Total Equity Attributable to Shareholders as at 30 June 2018 amounted to SAR 9,213 million compared to SAR 9,495 million as at 31 December 2017, with a decrease of 3%. The total comprehensive income for the quarter amounted to SAR 185 million compared to the same quarter last year SAR 154 million an increase of 21% and SAR 123 million in previous quarter with an increase of 51%. The Total comprehensive income for the current period is SAR 309 million and SAR 533 million for the corresponding period with a decrease by 42%. The external auditor reviewed the condensed interim consolidated financial statements and issued an unmodified report. |
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