Qatar Navigation Q.S.C. today announced the financial results for the first half of 2011, which ended on June 30.
Summary financial results for the first half of 2011 are as follows:

• Operating revenues of QR 1.1 billion vs. same period in 2010 of QR 1 billion.
• Operating Profit of QR 300 million vs. same period in 2010 of QR 299 million.
• Net Profit of QR 418 million and QR 3.65 earnings per share, vs. same period in 2010 of QR 952 million and QR 8.32 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:

• QR 298 million was recorded in H1 2010 as “Gain from the acquisition of Qatar Shipping” and represents the net of market value and acquisition price
• QR 236 million was recorded in H1 2010 as “Realized fair value gain” on the earlier holding of 15% of Qatar Shipping Company

H.E. Sheikh Ali bin Jassim bin Mohammed Al-Thani, Qatar Navigation’s Chairman & Managing Director, announced that Qatar Navigation 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 organization and governance structure for the future.”

Mr. Khalifa bin Ali Al-Hetmi, Qatar Navigation’s President and CEO stated that the implementation of several other internal initiatives is well underway, with the aim of streamlining and optimizing 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 4th quarter of 2011.”