Qatar Navigation financial results

Qatar Navigation posted a consolidated net profit of QR 555 million for the period of 3 months ending March 2010. This includes QR 236 million fair value gains realized through acquisition of the 15% of Qatar Shipping Company W.L.L. shares held.

Post acquisition earnings per share plunged to QR 4.8 per share after the capital increased up to 114,525,200 numbers of ordinary shares which is equivalent to QR 1,145,252,000.

Qatar Navigation’s Chairman H.E. Sheikh Ali Bin Jassim Bin Mohammad Al Thani disclosed the transactions took place with full transparency in the consolidation of Qatar Shipping Company W.L.L. to all shareholders.

His Excellency the Chairman declared the financial results for the first quarter and stated that the company has achieved a strong growth during this period. The Chairman also stated that Qatar Navigation is playing a significant role towards the economic growth of Qatar and is contributing towards Qatar’s development vision.

Qatar Navigation (QSC) posted profit of QR 208 million for the three month period ended March 31, 2010 against QR 163 million in the same period of 2009, recording a 28% growth prior to the acquisition of Qatar Shipping W.L.L.

Similarly, Qatar Shipping Company W.L.L. recorded a profit of QR 61 million for the three month period ended March 31, 2010 against QR 78 million for the three month period ended March 31, 2009.

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In spite of the slowdown in global economy and its effect on freight volume and prices, the company was able to achieve strong results due to its diversified activities and strategic investments. The iconic Navigation tower is completely leased to be occupied on May 01, 2010 by Qatar Gas for a 10 year lease agreement. This contract is valued at QR 1.1 billion.

H.E. the Chairman also mentioned about Halul Offshore Company, which is a 100% owned subsidiary of Qatar Navigation after the acquisition of Qatar Shipping W.L.L. and it is the largest marine offshore services provider in the Middle East.

Qatar Navigation was established in the year 1957 and since then the company has grown from strength to strength. Today it is one of the most prominent companies not only in Qatar but also in the GCC area. It has several business activities.

The company is engaged in marine transport, shipping agency, offshore and onshore services, sale of heavy industrial vehicles, ship repair, fabrication and installation of offshore structures, land transport, chartering of vessels, travel agency as well as Non Vessel Operating Common Carrier (NVOCC) business for containers.

Qatar Navigation, press release