National Shipping Company of Saudi Arabia announces its interim Financial results for the period ending on 2019-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,440.28 | 1,496.97 | -3.786 | 1,705.77 | -15.564 |
| Total Profit (Loss) | 240.13 | 334.47 | -28.205 | 426.18 | -43.655 |
| Profit (Loss) Operational | 204.29 | 305.46 | -33.12 | 377.18 | -45.837 |
| Net Profit (Loss) after Zakat and Tax | 45.57 | 185.41 | -75.422 | 179.33 | -74.588 |
| Total Comprehensive Income | 44.93 | 185.41 | -75.767 | 179.25 | -74.934 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 3,146.05 | 2,954.29 | 6.49 |
| Total Profit (Loss) | 666.31 | 638.25 | 4.396 |
| Profit (Loss) Operational | 581.47 | 562.37 | 3.396 |
| Net Profit (Loss) after Zakat and Tax | 224.9 | 308.54 | -27.108 |
| Total Comprehensive Income | 224.17 | 308.54 | -27.344 |
| Total Share Holders Equity (after deducting minority equity) | 9,011.42 | 9,213.14 | -2.189 |
| Profit (Loss) per Share | 0.57 | 0.78 | |
| 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:-
- The decrease in returns of logistics services in addition to slightly lower transport rates in oil transportation sector. - The increase in operating costs which is mainly due to an increase in depreciation charges and bunker cost . - The increase in financing cost due to recording unrealized losses of revaluation of the financial derivatives. Further more, the increase in interest rates and adding new loans. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | The decrease in net income for the current quarter compared to the previous quarter is mainly due to:
- The decrease in operating profit during the current quarter due to lower transport rates in oil transportation. -The decrease in operating costs, financing cost and G&A during the current quarter compared to the previous quarter has contributed to reduce the impact of lower transport rates. |
| 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 of returns in logistics services sector. - The increase of oil transportation rate has contributed to limit the increase of operating costs which was mainly due to the increase in depreciation expenses and bunker costs. - The increase in financing cost due to recording unrealized losses of revaluation of the financial derivatives. Further more, the increase in interest rates and adding new loans. |
| Type of the external auditor's opinion | Unmodified opinion |
| Reclassifications in quarter financial result | Certain comparative figures of the prior period have been reclassified to conform with the presentation of the current period. |
| Additional Information | The company applied IFRS 16 with a date of initial application of 1 January 2019. The initial application resulted in recognition of right-of-use assets, and additional lease liabilities. |
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