Qatar Navigation's net profits for 2005, QR 290.2 million

The meeting was held to discuss the company's results for 2005, and how it has adopted a resolution recommending to the General Assembly meeting, scheduled for Sunday 26.2.2006, to distribute cash dividends at 45% totaling QR 162 million and also the distribution of bonus shares at 30% totaling QR108 million; accordingly the total proposed distributions for 2005 will be at 75% amounting QR 270 million.

His Excellency added that the company has recognized net profit of QR 290.2 million compared to QR 167 million with an increase of QR 123.2 million i.e. 74 %

H.E said that the operating income jumped to QR 835 million compared to QR 561 million in 2004 and the operating profit increased from QR118 million in 2004 to QR 186 million for the year 2005, due to the enhanced performance of the company's business in order to meet the requirements of the growth witnessed by the State.

Moreover, H.E stated that the Board recommended to the General Assembly the appropriation of QR 4 million out of the company's net profit to charitable and social activities in Qatar.

H.E expressed on behalf of the company the sincerest gratefulness and appreciation to HH the Amir of the State of Qatar Sheikh Hamad Bin Khalifa Al-Thani, and HH the Amir Apparent Sheikh Tameem Bin Hamad Al-Thani, and HH the Prime Minister Sheikh Abdullah Bin Khalifa Al-Thani for their unrelenting support to the national corporations.