Milaha reports a 6% increase in net profit for full year 2019
Qatar Navigation (Milaha) Q.P.S.C. announced its financial results for the twelve months ended December 31, 2019. The Board of Directors decided to recommend to the General Assembly, which will be held at 4:30 PM on 22 March 2020 at the Four Seasons Hotel in Doha, Qatar, to distribute a 30% cash dividend of the par value of a share, equivalent to QAR 0.3 per share.
Milaha Maritime & Logistics’ operating revenue increased by QR 26 million and net profit by QR 21 million. Increased profits from our Ports unit and lower container vessel impairments compared to 2018 contributed to improving bottom line results by 32%.
Milaha Gas & Petrochem’s operating revenue dropped by QR 10 million, with net profit increasing by QR 297 million against the same period last year. The increase in profit was the result of very strong performance from our joint venture and associate companies, including our 6% additional stake in Nakilat, and lower vessel impairments mainly related to our tanker fleet.
Milaha Offshore’s operating revenue increased by QR 86 million, with operating margins remaining strong. The 13% increase in revenue was attributable to vessel additions and increased utilization. Despite strong operational performance, the segment’s bottom line decreased by QR 207 million due to vessel impairments
Milaha Capital’s revenue decreased by QAR 52 million and net profit by QAR 79 million, as a result of lower returns from the held for trading portfolio as well as reduced dividend income, driven by a reallocation of capital to increase our stake in Nakilat by 6%.
Milaha Trading’s revenue decreased by QAR 46 million and bottom line by QAR 2 million.
Commenting on the past year’s results, H.E. Sheikh Jassim bin Hamad bin Jassim Jaber Al-Thani, Milaha’s Chairman of the Board of Directors, said: “I am satisfied with the year over year financial results, and more so with the foundation we have been putting in place to ensure sustainable growth well into the future. We have invested in new technologies, enhanced our service offerings and capabilities, and I am confident this will help Milaha achieve it’s long term strategy objectives.”
Milaha’s President and CEO, Abdulrahman Essa Al-Mannai added, “We have made significant progress in improving our operations including increasing asset utilization, disposing of underperforming assets, cross selling services, and remaining vigilant and focused on the safety of our staff and operations.”
About Milaha
The company was established in July 1957 as the first public shareholding company registered in Qatar and holds commercial registration no. 1. Milaha’s current activities include marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management.