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:
- 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.”