Qatar Navigation posts $114m profit
Doha, July 25, 2011
Qatar Navigation reported a net profit of QR418 million ($114.77 million) for the first half of 2011, which ended on June 30, compared to QR952 million during the same period last year.
Net profit declined due to one-time, non-cash accounting adjustments in 2010 related to the Qatar Shipping Company acquisition, said a statement.
The company reported earnings of QR3.65 per share vs QR8.32 per share during the same period last year.
Highlights of the results:
• Operating revenues of QR1.1 billion vs Qr1 billion during the same period in 2010.
• Operating profit of QR300 million vs QR299 million.
Sheikh Ali bin Jassim bin Mohammed Al-Thani, Qatar Navigation’s chairman and managing director, said the company is preparing to expand its presence in various sectors as part of the recently defined long-term strategy.
“We are in the process of building new capabilities within the organization in order to achieve our ambitious growth goals. In line with this, we’ve also made significant progress on the implementation of a new organisation and governance structure for the future.”
Khalifa bin Ali Al-Hetmi, Qatar Navigation’s president and CEO, said the implementation of several other internal initiatives is well underway, with the aim of streamlining and optimising existing operations. He added that “Qatar Navigation has redefined its brand to align with its vision and strategy and is making preparations to launch the new identity by the fourth quarter of 2011.” – TradeArabia News Service