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

14 MAR 2023

Element List	Current Year	Previous Year	%Change
Sales/Revenue	8,582.58	5,351.08	60.39
Gross Profit (Loss)	1,471.13	556.5	164.35
Operational Profit (Loss)	1,493.29	424.83	251.5
Net Profit (Loss) after Zakat and Tax	1,040.91	192.43	440.93
Total Comprehensive Income	1,075.13	210.93	409.71
Total Share Holders Equity (after Deducting Minority Equity)	10,491.15	9,413.11	11.45
Profit (Loss) per Share	2.11	0.39
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The main reason for the increase in net profit during the current year compared to last year is: - The increase in revenues which is due to the improvement in all sectors performance especially in the oil transportation sector where its revenues have increased by the amount of SR 2,017 million as well as the increase in the chemicals transportation sector revenues by the amount of SR 833 million, due to the improvement in shipping rates and the increase in shipping operations as well as the additions of new vessels in Bahri fleet. - The increase in other income by the amount of SR 161 million during the current year compared with last year which is supported by the realized capital gain by the amount of SR 160 million from disposal of vessels within the fleet modernization plan. - While the increase in the finance cost by the amount of SR 117 million has limited the increase in net profits during the current year compared with last year.
Statement of the type of external auditor's report	Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	None
Reclassification of Comparison Items	Certain comparative figures of the previous year have been reclassified to match with the presentation of the current year.
Additional Information	None