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Qatar Navigation Reports Third Quarter 2011 Financial Results
24th October 2011
Qatar Navigation Q.S.C. today announced the financial results for the nine months ended September 30, 2011.
Summary financial results for the third quarter of 2011 are as follows:
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.”
About Qatar Navigation
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.
Qatar Navigation (QNNS) is publically listed on the Qatar Exchange and represents almost 5% of the Qatar Exchange Index. For further details please visit the company’s website www.qatarnav.comor see the company's results for the period ended 30.09.2011 on the Qatar Exchange website www.qe.com.qa.
For additional information, kindly contact:
Corporate CommunicationsDepartment
Tel: +974 4494 9624; Fax: +974 4483 3244
Email: nadine@qatarnav.com
Summary financial results for the third quarter of 2011 are as follows:
- Operating revenues of QR 1,669 million vs. same period in 2010 of QR 1,535 million. This represents a 9% increase year over year.
- Operating Profit of QR 381 million vs. same period in 2010 of QR 419 million.
- Net Profit of QR 584 million and QR 5.1 earnings per share, vs. same period in 2010 of QR 1133 million and QR 9.89 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.
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.”
About Qatar Navigation
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.
Qatar Navigation (QNNS) is publically listed on the Qatar Exchange and represents almost 5% of the Qatar Exchange Index. For further details please visit the company’s website www.qatarnav.comor see the company's results for the period ended 30.09.2011 on the Qatar Exchange website www.qe.com.qa.
For additional information, kindly contact:
Corporate CommunicationsDepartment
Tel: +974 4494 9624; Fax: +974 4483 3244
Email: nadine@qatarnav.com