Qatar Navigation posts $302m net profit
Doha, April 7, 2011
Qatar Navigation, the country's main shipping operator, has reported a net profit of QR1.1 billion ($302 million) for 2010, compared to QR472,407 in 2009.
Total assets for the year reached nearly QR13.3 billion, and earnings per share was QR9.59.
Net profit includes two one-time non-cash gain items related to the acquisition of Qatar Shipping in 2010 totaling QR534 million.
The company has approved a cash dividend of QR4 per share or the equivalent of QR458 million compared to QR288 million for 2009, an increase of 60 per cent.
The company also approved the appointment of Ernst & Young as external auditors for the year 2011.
The company’s core operating business lines are shipping, offshore services, port management, foreign shipping lines agencies, sale of heavy vehicles and industrial equipment and land transport. The company also has substantial interest in strategic and other investments in Qatari companies in addition to investments in real estate.
In April 2010, the company completed the merger of Qatar Navigation and Qatar Shipping Company to establish the enlarged Qatar Navigation.-TradeArabia News Service