16 APR 2015
| ELEMENT | CURRENT QUARTER | SIMILAR QUARTER FOR PREVIOUS YEAR | % CHANGE CURRENT | PREVIOUS QUARTER | % CHANGE PREVIOUS |
|---|---|---|---|---|---|
| Net profit (loss) | 398.41 | 195.15 | 104.16 | 123.42 | 222.81 |
| Gross profit (loss) | 455.21 | 187.4 | 142.91 | 231.83 | 96.36 |
| Operational profit (loss) | 427.94 | 166.73 | 156.67 | 196.91 | 117.33 |
| Earning or loss per share, Riyals | 1.01 | 0.62 | - | - | - |
| 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 VLCCs fleet from 17 to 31 VLCCs, 5 product tankers and one floating storage as a result of completing the merger of Vela Marine International Ltd. assets and operations, as the fleet has been fully employed during the current quarter. 2- The increase in average Time Charter Equivalent (TCE) rates in crude oil transportation spot market during the current quarter compared to the corresponding quarter of 2014. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The increase in the net income is mainly due to: 1- The full employment of all Oil Transportation Sector fleet as a result of completing the merger of Vela Marine International Ltd. assets and operations in December 2014, whereas the fleet has been employed gradually during the previous quarter upon receiving of the vessels. 2- The increase in average Time Charter Equivalent (TCE) rates in crude oil transportation spot market compared to the previous quarter. |
| Reclassifications in quarterly financial results | Some items have been reclassified for comparison purposes. |
| Other notes | The earnings per share for the quarter amounted to SR 1.01, compared to SR 0.62 for corresponding quarter of previous year and SR 0.36 for previous quarter, knowing that the number of outstanding shares has increased from 315 million shares to 393.75 million shares on 15 September 2014. Note: the number of shares basis used to calculate the earnings per share is as follows: Current quarter: 393.75 million shares. Corresponding quarter of previous year: 315 million shares. Previous quarter: based on the weighted average number of outstanding shares amounting to 338.41 million shares. |