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National Shipping Company of Saudi Arabia announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 1,993.281,294.7653.951,579.0726.23
Gross Profit (Loss) 246.96127.2794.04156.1758.13
Operational Profit (Loss) 201.8299.58102.67119.0669.51
Net Profit (Loss) after Zakat and Tax 128.0238.91229.0164.997.26
Total Comprehensive Income 156.3742.82265.1876.89103.37
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 3,572.352,483.9643.82
Gross Profit (Loss) 403.14211.4790.64
Operational Profit (Loss) 320.88160.9499.38
Net Profit (Loss) after Zakat and Tax 192.9282.47133.93
Total Comprehensive Income 233.2793.24150.18
Total Share Holders Equity (after Deducting Minority Equity) 9,646.379,689.17-0.44
Profit (Loss) per Share 0.390.17
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 54% and this is due to the improvement in multiple sectors especially in the oil transportation sector where its revenues have increased by the amount of SR 222 million as well as the increase in the chemicals transportation sector revenue by the amount of SR 121 million, due to the improvement in global shipping rates and the increase in shipping operations as well as the additions of new vessels in Bahri fleet.

- The increase in the group's share in results of equity accounted investee by the amount of SR 24.8 million during the current quarter compared to the same quarter last year.

- The increase in net profits have been limited due to the decrease in other income by the amount of SR 16.4 million and the increase in the finance cost by the amount of SR 12 million 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 revenues by 26% and this is due to the improvement in multiple sectors especially in the oil transportation sector where its revenues have increased by the amount of SR 229 million as well as the increase in the chemicals transportation sector revenue by the amount of SR 113 million, due to the improvement in global shipping rates and the increase in shipping operations as well as the additions of new vessels in Bahri fleet.

- The increase in the group's share in results of equity accounted investee by the amount of SR 16.5 million during the current quarter compared to pervious quarter.

- While the increase in finance cost by the amount of SR 19.3 million have limited the increase in net profits during the current quarter compared to the previous 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 main reason for the increase in net profit during the current period compared to the same period of last year is:

- The increase in revenues by 44% and this is due to the improvement in multiple sectors especially in the oil transportation sector where its revenues have increased by the amount of SR 607 million as well as the increase in the chemicals transportation sector revenue by the amount of SR 260 million, due to the improvement in global shipping rates and the increase in shipping operations as well as the additions of new vessels in Bahri fleet.

- While the increase in the provision of doubtful debts by the amount of SR 16.4 million and the decrease in other income by the amount of SR 15.9 million and the decrease the group's share in results of equity accounted investee by the amount of SR 13.2 million, have limited the increase in net profits during the current period compared to the same period of last year.

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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