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 Feb 22, 2012
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NSCSA Annual Consolidated Financial Results for the year ended 31st December 2011
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NSCSA announced the Annual Consolidated Financial Results for the year ended 31st December 2011 as follows:
1. Net profit totalled SAR 287.8 million compared to a net profit of SAR 414.9 million for the corresponding past year, a decrease of 30.6%.
2. Earning per Share from net profit (EPS) amounted to SAR 0.91 compared to SAR 1.32 for the corresponding past year.
3. Gross profit totalled SAR 339.2 million compared to SAR 557.4 million for the corresponding past year, a decrease of 39.1%.
4. Operating profit totalled SAR 229.5 million compared to SAR 453.6 million, a decrease of 49.4%.
5. The CEO of NSCSA, Mr Saleh Nasser Al-Jasser, traced the decrease of net profit during 2011 compared to 2010 to the following reasons:
- Decrease in average Time Charter Equivalent (TCE) rates in Very Large Crude Carrier (VLCC) spot market due to excess capacity of tonnage resulted from the entrance of new VLCCs to the market.
- the expiry of three Time Charter contract of VLCC owned by NSCSA during the year which had negatively affected the results of crude oil transport sector in addition to the rising cost of the vessel bunker.
Mr. Al-Jasser clarified that other sectors have shown improvement in their net income results which helped to minimize the negative impact on the overall consolidated net income compared to net income of last year.
6. Bunker subsidy item has been reclassified which impacted the gross profit and operating profit. Similar corresponding items in the consolidated income statement for the financial year 2010 have been reclassified for comparison purpose.
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