The National Shipping Co. of Saudi Arabia (NSCSA) announced the annual consolidated financial results for the year ended 31st December 2010 as follows:

• Net profit, of SAR 414.9 million compared to SAR 369.3 million for the previous year, an increase of 12.3%.
• Earning per Share from net profit (EPS), of SAR 1.32 compared to SAR 1.17 for the previous year.
• Gross profit, of SAR 447.9 million compared to SAR 372.5 million for the previous year, an increase of 20.2%.
• Operating profit, of SAR 344.1 million compared to SAR 277.5 million for the previous year, an increase of 24%.
• The increase of net profit during 2010 compared to 2009 was due to the improvement in average time charter equivalent (TCE) rates in Very Large Crude Carrier (VLCC) spot market, also due to the cancellation of the contract to build seven chemical tankers through its subsidiary company National Chemical Carriers Ltd. Co. (80% owned) recovering a total compensation of SAR 15.1 million. Moreover, the audited net profit for the year ended 31st December 2010 compared to the unaudited showed an increase in the net profit of SAR 3.85 million due to the calculating addition of the profit share from the joint venture company between National Chemical Carriers (NCC) and Odfjell, Norwegian company.