Qatar Navigation Q.S.C. announced today financial results for the three months ended March 31, 2011.
Summary financial results for the first quarter of 2011 are as follows:

• Operating revenues of QR 533 million vs. same period in 2010 of QR 431 million. This represents a 24% increase year over year.
• Operating Profit of QR 157 million vs. same period in 2010 of QR 118 million. This represents a 33% increase year over year.
• Net Profit of QR 262 million and QR 2.28 earnings per share, vs. same period in 2010 of QR 771 million and QR 6.73 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 Q1 2010 as “Gain from acquisition of Qatar Shipping” and represents the net of market value and acquisition price
• QR 236 million was recorded in Q1 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 was able to increase top line revenue, and Operating Profit in the first quarter of 2011.“We are very pleased with the revenue and Operating Profit growth, which are true indicators of our operational performance. We are seeing increases in our core maritime operations and our JV’s and Subsidiaries. Our Real Estate arm also showed growth year over year with the leasing out of the Navigation Tower. 2010’s results included several non-operating accounting items related to the Qatar Shipping acquisition.”

2011 will be a transformational year for Qatar Navigation. The company has embarked on implementing a long term strategy designed to take it to new, higher levels. His Excellency the Chairman noted “the analysis and planning of our strategy began late last year and was completed several weeks ago. We have now begun implementing several initiatives that we believe will contribute to future growth.”

Mr. Khalifa bin Ali Al-Hetmi, Qatar Navigation’s Chief Executive Officer stated that several attractive growth options are being considered across the areas of shipping, maritime services and logistics. He added that “Qatar Navigation aims to grow, with a strong pace, its revenues in the coming years through a focused execution of the defined strategy, with the ultimate goal of maximizing wealth for its shareholders.”