Qatar Navigation holds Annual General Assembly

Qatar Navigation announced that its Ordinary General Assembly, in its meeting on April 6, 2011 approved the company’s audited financial results for the year ended 31 December 2010, one of the items on its agenda.

The General Assembly ratified all the remaining items on its Agenda including the proposal by the Board of Directors to distribute a cash dividend of 40% of the share par value (QR 4 per share) or the equivalent of QR 458 million compared to QR 288 million for 2009, an increase of 60%. The General Assembly also approved the appointment of Ernst & Young as external auditors for the year 2011.

During the General Assembly meeting, HE Sheikh Ali bin Jassim bin Mohammad Al Thani, Chairman of Qatar Navigation’s Board of Directors presented an overview of the company’s activities and financial results for 2010 along with highlights of business plans for the year 2011. The Chairman stated that the company was able to deliver outstanding financial results for 2010, driven by the on-going expansion across the range of activities both domestically and internationally. He also attributed the company’s continued success to Qatar’s solid economic position and the continued opportunities afforded by the stability and growth of the country. 

Despite the global and regional slowdown, Qatar Navigation continued to deliver excellent results throughout 2010; Net Profit for 2010 reached QR 1.1 billion, total assets reaching nearly QR 13.3 billion, total equity QR 10.8 billion and earnings per share at QR 9.59.  Net profit includes two one-time non-cash gain items related to the acquisition of Qatar Shipping in 2010 totaling QR 534 million. Shareholders can review the company’s financial statements for more information.

During the meeting, the Chairman provided shareholders with detailed answers with regards to all questions raised. 

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 Q.S.C. and Qatar Shipping Company Q.S.C. to establish the enlarged Qatar Navigation with clear leadership in the Qatari market and grow its presence in international markets. The enlarged Qatar Navigation is suitably positioned to meet the needs of a growing economy and fulfilling its role as a key national company for the realization of the State of Qatar’s vision of economic development and industrial expansion. 

The Board and management launched an important task with the help of outside consultants to developing a new, long term vision and strategy for the company and its subsidiaries.

As a part of this effort, the company performed a thorough analysis on the outlook of the various business segments in which it is currently involved, as well as those that it could potentially target for growth in the medium to long term. Several attractive growth options are being considered across the areas of shipping, maritime services and logistics. A target portfolio of business segments has been identified and will be further specified and detailed during 2011. 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.

The expected growth of the company requires a strong, stable and effective support infrastructure. Over the course of 2011 and beyond, Qatar Navigation will work to enhance its support infrastructure in line with world-class practices and to ensure that the business segments are on the path of sustained growth into the future. With its strong financial position and diversified business segments, the company remains positive regarding its outlook for 2011 and for the future years.