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.

2

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.

3

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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.