National Shipping Company of Saudi Arabia announces its interim Financial results for the period ending on 2018-12-31 ( Twelve Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,781.7 | 1,433.55 | 24.285 | 1,393.92 | 27.819 |
| Total Profit (Loss) | 398.11 | 365.85 | 8.817 | 203.87 | 95.276 |
| Profit (Loss) Operational | 386.21 | 276.39 | 39.733 | 139.61 | 176.634 |
| Net Profit (Loss) after Zakat and Tax | 91.41 | 207.04 | -55.849 | 81.28 | 12.463 |
| Total Comprehensive Income | 83.45 | 208.39 | -59.954 | 81.28 | 2.669 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 6,129.91 | 6,045.84 | 1.39 |
| Total Profit (Loss) | 1,240.23 | 1,320.68 | -6.091 |
| Profit (Loss) Operational | 1,088.19 | 1,133.55 | -4.001 |
| Net Profit (Loss) after Zakat and Tax | 481.24 | 800.31 | -39.868 |
| Total Comprehensive Income | 473.28 | 801.66 | -40.962 |
| Total Share Holders Equity (after deducting minority equity) | 9,377.87 | 9,495.22 | -1.235 |
| Profit (Loss) per Share | 1.22 | 2.03 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year | The decrease in net income for the current quarter compared to the corresponding quarter last year is mainly due to:- - Investment in associates (Petredec) recorded losses of SAR 36 M during the current quarter against profits of SAR 35 M compared to the corresponding period in 2017. - In addition, investment in associates (International Maritime Industries) recorded start up losses of SAR 51 M. - The increase in the financing cost during the current quarter 2018 compared to corresponding quarter last year due to losses in financial derivatives revaluation. - The increase in the gross profit by SAR 110 M has contributed to limit the decrease in the net income. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | The increase in net income for the current quarter compared to the previous quarter is mainly due to: - There is an increase in gross profit during the current quarter compared to the previous quarter by SAR 247 M due to the improvement in the company's business units and the increase in the transportation rates in general. -The decrease in the G&A due to the decrease in some provisions during the current quarter compared to the previous quarter. -the increase in losses of investment in associates and finance cost due to losses in financial derivatives revaluation during the current quarter compared to the previous quarter have limited the growth in income. |
| Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year | The decrease in net income for the current period compared to the corresponding period last year is mainly due to: - The decrease in net profit is mainly due to the decrease in non-operating activities. Investment in associates recorded losses of SAR 119 M during the current period against profits of SAR 82 M in the corresponding period in 2017. In addition, The finance cost has increased by SAR 81 M during the current period. - The addition of new vessels to the Bahri's fleet and better performance in business units have contributed to reduce the impact of lower transport rates in general, specifically in oil transportation on the company's performance compared to the corresponding period in 2017. |
| Type of the external auditor's opinion | Unmodified opinion |
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