Qatar Navigation's Board of Directors hold meeting to discuss 2008 results

After conclusion of the meeting, the Chairman declared that the net profit for the year 2008 amounted to QR569.3m as against QR438m for the year 2007. This reflected a growth in the net profit (30%).

The operating revenue increased by 29% for the year 2008 which amounted to QR1.342bn.

Although the company is engaged in marine transport, foreign lines agencies, offshore
services and sale of heavy vehicles, land transport, it also acquired 70% of the total container imports into the Qatari market. It has substantial investments in Qatari companies in addition to investments in real estate.

During this year, the company will receive four new container vessels built in Korea increasing the total capacity by 200%. It has also ordered the delivery of a bulk carrier vessel with 57,000 DWT capacity.

The company`s new commercial office building called "Navigation Tower" which consists of (52) floors, will be ready for rent during this year.

The Board of Directors recommended to the General Assembly of Qatar Navigation to be held on 8th March 2009 (Sunday) a cash dividend of 40% to the shareholders amounting QR4 per share totaling QR240m and a distribution of 20% of share capital as bonus shares in the ratio of 1 share for every 5 shares.