Qatar Navigation reports net profit of QR 835 million for FY 2012
Qatar Navigation (Milaha) Q.S.C. announced its financial results for year ended December 31st, 2012.
Summary financial results are as follows:
Operating Revenues of QR 2.35 billion vs. QR 2.19 billion for the same period in 2011, an increase of 7% year over year.
Operating Profit of QR 575 million vs. QR 461 million for the same period in 2011, an increase of 25% year over year.
Net Profit of QR 835 million vs. QR 711 million for the same period in 2011, an increase of 17% year over year.
Earnings per share of QR 7.31 vs. QR 6.21 for the same period in 2011.
The Board of Directors also decided to recommend to the General Assembly to distribute a cash dividend of QR 3.75 per share.
Milaha’s Maritime & Logistics segment net profit strongly improved over 2011, driven largely by port services and container feeder transport activities.
A one-time income related to an increased stake in 2 LNG carriers boosted the net profit of the Gas & Petrochem segment relative to 2011 by 5%.
Net profit for Milaha’s Offshore segment declined by 26% relative to 2011, largely due to unforeseen operational issues in the first quarter of 2012.
Milaha Capital’s profit rose 43%, mainly on the back of investment sales and increased gains from the Company’s portfolio.
“2012 was another exciting and challenging year for Milaha, one in which we delivered strongly improved financial performance while continuing to make progress towards our long term strategic goals,” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha. “The combination of a dynamic Qatari economy and our own significant, internal efforts to optimize productivity within Milaha contributed to a strong year overall.”
Beginning Q1 2012, Milaha began reporting segment financials under its new structure, following the re-alignment of the company into a corporate entity and strategic business pillars.