13 JUL 2015
| ELEMENT | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | % CHANGE CURRENT | PREVIOUS QUARTER | % CHANGE PREVIOUS |
|---|---|---|---|---|---|
| Net profit (loss) | 342.48 | 130.43 | 162.58 | 398.41 | -14.04 |
| Gross profit (loss) | 440.43 | 136.91 | 221.69 | 455.21 | -3.25 |
| Operational profit (loss) | 411.92 | 119.3 | 245.28 | 427.94 | -3.74 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| ELEMENT | CURRENT PERIOD | SIMILAR PERIOD FOR PREVIOUS YEAR | % CHANGE |
|---|---|---|---|
| Net profit (loss) | 740.89 | 325.57 | 127.57 |
| Gross profit (loss) | 895.64 | 324.31 | 176.17 |
| Operational profit (loss) | 839.87 | 286.03 | 193.63 |
| Earning or loss per share, Riyals | 1.88 | 1.03 | - |
| 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 the net income is mainly due to: 1- The increase in VLCC fleet from 17 to 31 VLCCs, 5 product tankers and 1 floating storage as a result of completing the merger of Vela Marine International Ltd. assets and operations. 2- The increase in average Time Charter Equivalent (TCE) rate in crude oil transportation spot market during the current quarter compared to the corresponding quarter of 2014. |
| Reasons of increase (decrease) for period compared with same period last year | The increase in the net income is mainly due to: 1- The increase in VLCCs fleet from 17 to 31 VLCCs, 5 product tankers and 1 floating storage as a result of completing the merger of Vela Marine International Ltd. assets and operations. 2- The increase in average Time Charter Equivalent (TCE) rate in crude oil transportation spot market compared to the corresponding period of 2014. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The decrease in the net income is mainly due to: 1- The decrease in average Time Charter Equivalent (TCE) rate in crude oil transportation spot market compared to the previous quarter. 2- The decrease in company share in profit of Petredec Limited by SAR 41.8 million (current quarter: SAR 8.1 million vs. previous quarter: SAR 41.9 million. |
| Reclassifications in quarterly financial results | Some items have been reclassified for comparison purposes. |
| Other notes | The earnings per share for the period is SAR 1.88, compared to SAR 1.03 for the corresponding period of previous year. The number of outstanding shares has increased from 315 million shares to 393.75 million shares since 15 September 2014. The earnings per share was calculated based on outstanding number of shares for each period (Current period: 393.75 million shares, Corresponding period of previous year: 315 million shares) |