National Shipping of Saudi Arabia : announces its Interim Financial Results...

25 OCT 2023

Element List	Current Quarter	Similar Quarter For Previous Year	%Change	Previous Quarter	% Change
Sales/Revenue	2,026.66	2,292.72	-11.6	2,352.18	-13.84
Gross Profit (Loss)	360.74	383.24	-5.87	580.72	-37.88
Operational Profit (Loss)	446.86	412.34	8.37	611.33	-26.9
Net Profit (Loss) after Zakat and Tax	224.34	269.87	-16.87	495.38	-54.71
Total Comprehensive Income	225.43	265.3	-15.03	489.96	-53.99
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar Period For Previous Year	%Change
Sales/Revenue	6,754.07	5,865.08	15.16
Gross Profit (Loss)	1,556.69	786.37	97.96
Operational Profit (Loss)	1,667.43	733.22	127.41
Net Profit (Loss) after Zakat and Tax	1,212.2	462.79	161.93
Total Comprehensive Income	1,208.01	498.57	142.29
Total Share Holders Equity (after Deducting Minority Equity)	11,453.07	9,914.59	15.52
Profit (Loss) per Share	1.64	0.63
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
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 decrease in net profit during the current quarter compared to the same quarter of last year is: - The performance of the logistics services sector was affected by the increase in operating costs during the current quarter compared with the same quarter last year. - The increase in the finance costs by an amount of SR 77 million is due to the increase in interest rates. - The decrease in the reversal of trade receivables provision by an amount of 36 million during the current quarter compared with the same quarter last year. While the increase in the other income by an amount of SR 100 million has limited the decrease in net profits, which is mainly due to the collection of the insurance claims by the amount of SR 60 million, and the realized capital gain by an amount of SR 38 million from sale of vessels within the fleet modernization plan.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is	The main reason for the decrease in net profit in the current quarter compared to the previous quarter is: - The performance of the oil transportation sector was affected by the decrease in revenue by an amount of SAR 279 million due to the reduction in global shipping rates during the current quarter compared with the previous quarter. - The decrease in the profits from the group's share in results of equity accounted investee companies by an amount of SR 93 million during the current quarter compared with the previous quarter. While limiting the decrease in net profits, the increase in other income by an amount of SR 38 million during the current quarter compared with previous quarter, which is mainly due to the realized capital gain from sale of vessels within the fleet modernization plan.
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 which is due to the improvement in multiple sectors performance especially in the oil transportation sector where its revenues have increased by an amount of SR 414 million as well as the increase in the chemicals transportation sector revenues by an amount of SR 623 million, due to the improvement in global shipping rates during the current period compared with same period of last year. - The increase in other income by an amount of SR 215 million during the current period compared with same period of last year which is mainly due to the realized capital gain by an amount of SR 123 million from sale of vessels within the fleet modernization plan, in addition to the collection of the insurance claims by an amount of SR 60 million. - The increase in the group's share in results of equity accounted investee companies by an amount of SR 166 million profits during the current period compared with same period of last year. While the increase in the finance cost by an amount of SR 294 million has limited the increase in net profits, due to the increase in interest rates during the current period compared with 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