NSCSA Net Profit Jumps 22 Percent

RIYADH, 18 July 2005 — National Shipping Company of Saudi Arabia’s (NSCSA) first half net profits rose 22 percent to SR231.1 million ($61.6 million), the company said yesterday. Profits for the first half of 2004 had been SR189 million, it said in a statement on the official Saudi stock market website, which gave no further details. NSCSA owns nine double-hulled very large crude carriers with a capacity of 2.1 million barrels each. It also owns 14 petrochemical carriers and has 10 more on order for delivery from the end of 2005.