Posted on October 25, 2011

Qatar Navigation Q.S.C. announced the financial results for the nine months ended September 30, 2011. Operating revenues of QR1,669m vs. same period in 2010 of QR1,535m. This represents a 9% increase year over year. Operating Profit of QR381m vs. same period in 2010 of QR419m.

Net Profit of QR584m and QR5.1 earnings per share, vs. same period in 2010 of QR1133m and QR9.89 per share. Year over Year comparison of Net Profit is skewed due to one-time, non-cash accounting adjustments in 2010 related to the Qatar Shipping Company acquisition.

HE Sheikh Ali bin Jassim bin Mohammad Al Thani

H.E. Sheikh Ali bin Jassim bin Mohammed Al-Thani, Qatar Navigation's Chairman & Managing Director, said "2011 has been a transitional year for Qatar Navigation. We are continuing to execute against our defined long term strategy, and have managed to grow our top line in the midst of volatile market conditions and reduced freight prices in various shipping sectors."

H.E. also stated that Qatar Navigation has begun implementing several transformation initiatives that will build a strong platform for future growth adding that "Qatar Navigation, as promised, has refreshed and redefined its brand to align with its vision and strategy and that the long-awaited new identity will be launched next month."

Qatar Navigation was established in July 1957, as the first public shareholding company registered in Qatar and holds commercial registration number (1). The aim in establishing the company was stimulating growth in the Qatari economy through the provision of shipping, transportation, and handling services necessary to link Qatar with the rest of the world.

The company has since evolved, expanded and diversified into maritime transportation, port management, shipping agencies, logistics services, ship repair and fabrication, trading activities, as well as real estate development and asset management.

Qatar Navigation owns 100% of Qatar Shipping (Q-Ship) as well as Halul Offshore Services Company (HOSC) - one of the largest specialized companies in the region in the provision of offshore marine services to the oil and gas sector. Qatar Navigation also has a 50% stake in Qatar Quarries and Building Materials Company, a 30% stake in Qatar Gas Transport Company (Nakilat), and owns 50% of Gulf LPG. The Company has smaller stakes in a number of other associated companies.

source: Ameinfo