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17 July 2019 The on-line newspaper devoted to the world of transports 16:21 GMT+2

April 20, 2011

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Original news
Fell sharply and the results of the Saudi company NSCSA

In the first quarter of 2011 net profit fell by 54%

The shipping company The National Shipping Company of Saudi Arabia Saudi Arabia (NSCSA) has announced that it has filed the first three months of 2011 with a net profit of 59.7 million riyals (15.9 million dollars), a decrease of 54% compared to 130.4 million riyals in the first quarter of last year and an increase of 16% compared to 51.5 million riyals in the fourth quarter of 2010. Operating profit amounted to 8.7 million riyals, down 92% compared to 113.9 million riyals in the first three months of 2010.

The managing director of NSCSA, Saleh Nasser, said that the decrease in net income reflects the decline in average freight Very Large Crude Carrier on the spot market caused by an oversupply of tonnage due to the entry into service of new VLCC. Nasser stated that the result of growth from the fourth quarter of 2010 due to the contribution to the outcome of participatory Petredec Ltd., The Bermuda-based company specializing in marketing and transportation of liquefied petroleum gas in NSCSA owns 30.3% of the capital.

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