Qatar Navigation Q.P.S.C.
CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
30 JUNE 2023
Qatar Navigation Q.P.S.C.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
As at and for the six-month period ended 30 June 2023
CONTENTS | Page(s) | |
Independent auditor's report on review of | ||
condensed consolidated interim financial statements | 1 | |
Condensed consolidated interim financial statements: | ||
Condensed consolidated interim statement of profit or loss | 2 | |
Condensed consolidated interim statement of comprehensive income | 3 | |
Condensed consolidated interim statement of financial position | 4 | - 5 |
Condensed consolidated interim statement of changes in equity | 6 | |
Condensed consolidated interim statement of cash flows | 7 | - 8 |
Notes to the condensed consolidated interim financial statements | 9 | - 20 |
REPORT ON REVIEW ON CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS TO THE BOARD OF DIRECTORS OF QATAR NAVIGATION Q.P.S.C.
Introduction
We have reviewed the accompanying condensed consolidated interim statement of financial position of Qatar Navigation Q.P.S.C and its subsidiaries (the 'Group') as at 30 June 2023 and the related condensed consolidated interim statements of profit or loss, comprehensive income, changes in equity, and cash flows for the six month period then ended and other explanatory notes. Management is responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with International Accounting Standard 34 'Interim financial reporting' as issued by the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of interim financial information performed by the independent auditor of the entity'. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34 'Interim financial reporting'.
For and on behalf of PricewaterhouseCoopers - Qatar Branch
Qatar Financial Market Authority registration number 120155
Waleed Tahtamouni
Auditor's registration number 370
Doha, State of Qatar
6 August 2023
PricewaterhouseCoopers - Qatar Branch, P.O. Box: 6689, Doha, Qatar.
Ministry of Commerce and Industry License number 6 / Qatar Financial Markets Authority License number 120155
T: +974 4419 2777, F: +974 4467 7528, www.pwc.com/middle-east | 1 |
Qatar Navigation Q.P.S.C.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS
For the six-month period ended 30 June 2023
For the six-month period ended 30 | |||||
June | |||||
2023 | 2022 | ||||
(Reviewed) | |||||
Notes | QR'000 | QR'000 | |||
Operating revenues | 4 | 1,510,816 | 1,773,744 | ||
Salaries, wages and other benefits | (304,026) | (312,642) | |||
Operating supplies and expenses | (615,305) | (858,239) | |||
Rent expenses | (5,104) | (3,525) | |||
Depreciation and amortization | (191,672) | (184,801) | |||
Reversal of/(Provision for) impairment of receivables | 2,555 | (23,322) | |||
Other operating expenses | (53,606) | (80,900) | |||
OPERATING PROFIT | 343,658 | 310,315 | |||
Finance costs | (27,000) | (29,479) | |||
Finance income | 9,296 | 7,340 | |||
Net gain on disposal of property, vessels and equipment | 4,278 | 859 | |||
Share of results of associates | 248,340 | 275,292 | |||
Share of results of joint ventures | 69,060 | 76,337 | |||
Net gain on foreign exchange | 223 | 1,373 | |||
PROFIT FOR THE PERIOD | 647,855 | 642,037 | |||
Attributable to: | |||||
Equity holders of the Parent | 647,667 | 640,902 | |||
Non-controlling interest | 188 | 1,135 | |||
647,855 | 642,037 | ||||
BASIC AND DILUTED EARNINGS PER SHARE | |||||
(attributable to equity holders of the Parent) | |||||
(expressed in QR per share) | 15 | 0.57 | 0.56 |
Report on review of condensed consolidated interim financial statements is set out on page 1.
The attached notes from 1 to 17 form an integral part of these condensed consolidated interim financial statements.
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Qatar Navigation Q.P.S.C.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME
For the six-month period ended 30 June 2023
For the six-month period ended 30
June
20232022
(Reviewed)
Profit for the period
Other comprehensive income (OCI):
Items that will not be reclassified subsequently to profit or loss
Net (loss)/gain on financial assets at FVOCI
Equity-accounted investees - share of OCI
Items that may be reclassified subsequently to profit or loss Net (loss)/gain resulting from cash flow hedges
Cash flow hedge movement for equity-accounted investees
Total
Total comprehensive income for the period
Attributable to:
Equity holders of the Parent
Non-controlling interests
QR'000
647,855
(107,924)
(5,809)
(113,733)
(4,708)
32,745
28,037
(85,696)
562,159
561,935
224
562,159
QR'000
642,037
98,769
9,823
108,592
46,719
432,115
478,834
587,426
1,229,463
1,228,123
1,340
1,229,463
Report on review of condensed consolidated interim financial statements is set out on page 1.
The attached notes from 1 to 17 form an integral part of these condensed consolidated interim financial statements.
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Qatar Navigation QSC published this content on 06 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2023 07:56:09 UTC.