The National Shipping Company of Saudi Arabia (NSCSA) announced today its 9-months financial results ending 30th September 2010.
NSCSA achieved a net profit, for 9-months up to 30th September 2010, of SAR 359.5 million (EPS SAR 1.14) compared to a net profit of SAR 314.7 million (EPS SAR 1.00) for the corresponding period for the year 2009, an increase of 14.2%. The net profit for the 3rd Quarter 2010 was SAR. 97 million vs. SAR. 56 million for the same quarter 2009 which reflected an increase of 73.2%. The increase of profit was due to the improved average rates of crude oil transportation.