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National Shipping Company of Saudi Arabia announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 1,579.071,189.232.7841,546.542.103
Gross Profit (Loss) 156.1784.285.475211.93-26.31
Operational Profit (Loss) 119.0661.3794.003173.31-31.302
Net Profit (Loss) after Zakat and Tax 64.943.5648.98991.98-29.441
Total Comprehensive Income 76.8950.4252.499104.96-26.743
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 9,49010,040-5.478
Profit (Loss) per Share 0.160.11
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 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 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 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.

Statement of the type of external auditor's report Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion None
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 Saudi 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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