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MENAFN - The Peninsula - 26/01/2006

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DOHA: Qatar National Navigation and Transport Company (QNNTC) has posted full year net profits of QR290.2m in 2005, showing an increase of QR123.2m, or 74 per cent, over the previous year.

The company's board of directors headed by chairman, Sheikh Hamad bin Suhaim Al Thani, has decided to recommend distribution of cash dividend of 45 per cent totalling QR162m and 30 per cent bonus shares totalling QR108m, to the annual general meeting (AGM) of shareholders.

The AGM is scheudled to be held today.

The operating income of the company was QR835m as against QR561m in 2004 while operating profits rose from QR118m in 2004 to QR186m last year.

The growth in the company's operations and profits was a result of the booming economic activity in the country, a press statement issued by the company said yesterday.

The chairman said that the board of directors will also recommended to the AGM disbursal of QR4m from the company's profits for chairtaible purposes.

recommended to the General Assembly the appreciation of QR 4 mn out of the company's net profit to charitable and social activities in Qatar.

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