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NSCSA sees half year profits rise after strong second quarter

Riyadh: The National Shipping Company of Saudi Arabia (NSCSA) announced a 1.5% increase in net profits to SAR 262.5m ($69.9m) for the 6-months up to June 30th 2010. This comes as the company saw a strong second quarter to the year with a net profit of SAR. 132.2m, which was 22.8% higher than the  SAR. 107.7m for the same quarter 2009

NSCSA ceo Humoud A. Al-Ajlan stated that the increase of profit was due to the improved average rates of crude oil transportation and four VLCCs delivered in March, May, July and September of  2009.  [20/07/10]

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