Jan 17 2011 |
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NSCSA announces the interim financial results for the period ending 31/12/2010 (12 months).
NSCSA announced the Interim Financial Results for the 12 months ended 31st December 2010 as follows:Net profit, for 3-months up to 31st December 2010, totaled SAR 51.5 million compared to SAR 54.6 million for the corresponding quarter for the year 2009, a decrease of 5.7%. Also, compared to a net profit of SAR 97 million for the previous quarter for the year 2010, a decrease of 46.9%.
Gross profit, for 3-months up to 31st December 2010, of SAR 61.3 million compared to SAR 79.3 million for the corresponding quarter for the year 2009, a decrease of 22.7%.
Net profit, for 12-months up to 31st December 2010, totaled SAR 411 million compared to SAR 369.3 million for the corresponding period for the year 2009, an increase of 11.3%.
Gross profit, for 12-months up to 31st December 2010, totaled SAR 449.2 million compared to SAR 372.5 million for the corresponding period for the year 2009, an increase of 20.6%.
Operating profit, for 12-months up to 31st December 2010, totaled SAR 347 million compared to SAR 277.5 million for the corresponding period for the year 2009, an increase of 25%.
The CEO of
NSCSA
, Mr. Saleh Nasser Al-Jasser, traced the decrease of net profit during the 4th quarter 2010 compared to the same quarter 2009 and 3rd quarter 2010 to the decrease in average time charter equivalent (TCE) rates in Very Large Crude Carrier (VLCC) spot market due to the excess supply of tonnage resulted from entrance of new VLCCs.
-Ends-
© Press Release 2011
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