The National Shipping Company of Saudi Arabia (4030) Q3 2024 earnings summary

Executive summary

• Achieved strong revenue and profit growth for the nine months ended 30 September 2024, with net profit up 40% year-over-year to SAR 1,877.1 million, and Q3 2024 net profit rising 127% YoY to SAR 509 million, driven by revenue growth, improved margins, and fleet modernization.

• Expanded fleet to 104 vessels by end-September 2024, including new vessel acquisitions and chartered chemical tankers, while phasing out older vessels.

• Maintained robust liquidity and equity position, supporting ongoing investments and shareholder returns.

Financial highlights

• Revenue for the nine-month period rose to SAR 7,265.9 million, up from SAR 6,754.1 million year-over-year, with Q3 2024 revenue at SAR 2.24 billion, up 11% YoY.

• Net profit for the nine months reached SAR 1,877.1 million, a 40% increase from SAR 1,339.4 million in the prior year; Q3 2024 net profit was SAR 509 million, up 127% YoY.

• EBITDA for Q3 2024 grew 50% YoY to SAR 1.17 billion; 9M 2024 EBITDA up 26% YoY to SAR 3.59 billion.

• Earnings per share for the nine months were SAR 2.30, up from SAR 1.64 year-over-year.

• Cash and cash equivalents stood at SAR 2,106.6 million as of 30 September 2024.

Outlook and guidance

• Ongoing delivery of nine newly acquired VLCCs expected to further boost capacity and revenue in 2025, with 17 additional vessels ordered and partially paid for, to be delivered over the next two quarters.

• Continued focus on expanding logistics and dry bulk segments to diversify revenue streams.

• Strategy centers on fleet modernization, market expansion, and capital discipline aligned with Vision 2030.