• 2022 April 25 15:14

  The National Shipping Company of Saudi Arabia announces its interim financial results

  

  The National Shipping Company of Saudi Arabia announces its Interim Financial Results for the period ending on 31.03.2022.

  The main reason for the increase in net profit during the current quarter compared to the same quarter of last year is:
   
  - The increase in revenues by 32.8% and this is due to the improvement in multiple sectors especially the oil sector where its revenues have increased by the amount of SR 219 million, due to the improvement in global shipping rates and the increase in shipping operations.

  - The decrease in financial cost by the amount of SR 6.9 million, in addition to the decrease in general and administrative expenses by the amount of SR 2.4 million during the current quarter compared to the same quarter last year.
   
  While the decrease in the group's share in results of equity accounted investee by the amount of SR 37.9 million and the increase in the provision of doubtful debts by the amount of SR 17.2 million, have limited the increase in profits during the current quarter compared to the same quarter last year.

  The main reason for the increase in net profit in the current quarter compared to the previous quarter is:
   
  -The increase in operating costs by 7%, due to increase in oil prices during the current quarter compared to the previous quarter, in meantime, the revenues has increased by 2% due to the improvement in multiple sectors especially the oil sector and dry bulk sector.
   
  The decrease in financial cost by the amount of SR 12.6 million and the increase in the group's share in results of equity accounted investee companies by the amount of SR 12.5 million and the decrease in general and administrative expenses by the amount of SR 5.4 million, have limited the decline in net profit during the current quarter compared with the previous quarter.

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