DOHA: Qatar Navigation (Milaha) recorded a net profit of QR547m for the twelve months ended December, 2019, up 6 percent compared to QR516 posted for the same period in 2018. Earnings per share edged up to QR0.48 from QR0.45.
The Board of Directors decided to recommend to the General Assembly to distribute a 30 percent cash dividend of the par value of a share, equivalent to QR 0.3 per share. The General Assembly will be held on 22 March 2020 at the Four Seasons Hotel.
Milaha Maritime & Logistics’ operating revenue increased by QR26m and net profit by QR21m in 2019.
Milaha Gas & Petrochem’s operating revenue dropped by QR10m, with net profit increasing by QR297m 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 86m, with operating margins remaining strong. The 13 percent increase in revenue was attributable to vessel additions and increased utilization. Despite strong operational performance, the segment’s bottom line decreased by QR207m due to vessel impairments
Milaha Capital’s revenue decreased by QR52m and net profit by QR79m, 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 percent.
Milaha Trading’s revenue decreased by QR46m and bottom line by QR2m.
Commenting on the past year’s results, 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.”
The company will conduct an investor conference call tomorrow ( Thursday, February 27) to further discuss its results.
