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National Shipping Company of Saudi Arabia announces its Interim Financial Results for the Period Ending on 2021-01-28 ( Twelve Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 1,268.091,939.4-34.6141,510.3-16.037
Gross Profit (Loss) 217.94464.58-53.088379.93-42.636
Operational Profit (Loss) 141.81382.55-62.93303.16-53.222
Net Profit (Loss) after Zakat and Tax 77.54249.08-68.869313.74-75.285
Total Comprehensive Income 76.77251.12-69.428315.49-75.666
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 8,3936,567.0227.805
Gross Profit (Loss) 2,121.791,42748.688
Operational Profit (Loss) 1,865.931,223.0252.567
Net Profit (Loss) after Zakat and Tax 1,571.11620.7153.119
Total Comprehensive Income 1,565.01621.8151.69
Total Share Holders Equity (after Deducting Minority Equity) 9,989.689,212.178.44
Profit (Loss) per Share 3.991.58
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The main reason of the decrease in net profit for the current quarter compared to the corresponding quarter last year is mainly due to the decline in revenues from several sectors, especially from the oil sector, caused by the decline in transportation rates in addition to the decrease in number of voyages.

Nevertheless, the following factors contributed to reduce the impact of the decline in returns:

- A reversal of a portion of the provision on trade receivables and contract assets, as a result of improvements in receivables collection during this quarter.

- Decrease in financing expenses,

- Recording profits in the group's share in results of equity accounted investee companies during the current quarter compared to losses realized during the same quarter of the previous year.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The main reason of the decrease in net profit for the current quarter compared to the previous quarter is mainly due to the decline in revenues from several sectors, especially from the oil sector, caused by the decline in transportation rates in addition to the decrease in number of voyages.

The decrease in net profit is also affected by, increase in zakat and income tax expense during this quarter as a result of the reversal of the deferred tax provision during previous quarter, despite of the reversal of a portion of the provision on trade receivables and contract assets as a result of improvements in receivables collection during this quarter.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The increase in net profit for the current period compared to the corresponding period last year is mainly due to the increase in revenue from several operating segments supported mainly by the growth in oil transport sector due to the rise of transportation rates in addition to the increase in number of voyages during the period.

The increase in net profits during the period was also supported by, the decrease in financing expenses during the current period compared to the same period of the previous year and recording profits in the group's share in results of equity accounted investee companies compared to losses realized in the corresponding period of the previous year.

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items Certain comparative figures of the prior period have been reclassified to match with the presentation of the current period.
Additional Information None

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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