The National Shipping Company of Saudi Arabia (NSCSA) achieved a net profit of SR740.3 million and (EPS SR2.35) for 12 months up to Dec. 31, 2008 and recorded an increase of 75 percent in the profit over the corresponding year 2007 which was SR422.6 million and (EPS SR1.48), Humoud A. Al-Ajlan, chief executive officer, NSCSA announced on Tuesday. The net profit in fourth quarter 2008 hit SR86.5 million compared to SR84.6 million for the same quarter in 2007, an increase of 2 percent against SR282.2 million in the 3rd quarter of 2008. Al-Ajlan said the improvement in profit is due to the increase of crude oil transportation average freight rates in spot market during the year 2008 and the increase of NSCSA's fleet of Very Large Crude Carrier (VLCCs) in addition to the improvement in average freight rates of General Cargo sector. Al-Ajlan pointed out that NSCSA will take delivery of 4 new VLCCs during the coming months of March, April, July and September respectively. He added that the NSCSA Board has decided to recommend dividends payout of SR1.5 per share.
