Qatar Navigation (Milaha) Q.S.C. today announced its financial results for year ended December 31st, 2014.

Summary financial results are as follows:

  • Operating Revenues of QR 2.63 billion vs. QR 2.30 billion for the same period in 2013, an increase of 14% year over year.
  • Operating Profit of QR 648 million vs. QR 644 million for the same period in 2013.
  • Net Profit of QR 1.049 billion vs. QR 950 million for the same period in 2013, an increase of 10% year over year.
  • Earnings per share of QR 9.23 vs. QR 8.36 for the same period in 2013.

The Board of Directors decided to recommend to the General Assembly to distribute a 55% cash dividend, equivalent to QR 5.5 per share.

The Gas & Petrochem segment had an extremely strong year relative to 2013, as VLGC market rates hit record highs significantly boosting the bottom line, and product tankers posted much higher profit due to higher freight rates.

Milaha’s Maritime & Logistics segment’s net income performance declined slightly relative to 2013, driven mostly by one-time, non-operational expenses related to vessel impairments.

Milaha’sOffshore segment declined significantly year on year, as Halul Offshore faced unexpected vessel off-hires, along with delays in the delivery and deployment of new vessels, driving higher operating expenses without matching revenue increases.

Milaha Capital outperformed an already strong Qatari stock market to drive an increase in net profits year on year.

Milaha Trading’s net profit increased significantly relative to 2013 due to a boost in sales of heavy equipment in response to a ramp up in infrastructure project execution in Qatar.

“We have continued to build on 2013’s record results, and this is due to the solid foundation we have in place with the group,” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha. “I want to thank our Board and our colleagues in the organization for their efforts in driving the strong 2014 results.”

“We are extremely pleased with our overall results, particularly given where we were at the end of the first half of 2014,” said Khalifa Ali Al-Hetmi, President and CEO of Milaha. “The increase in project-related activity in Qatar improved trade volumes while the Qatar equity markets rebounded from the decline in the 2nd quarter.”

The company will conduct an investor conference call on Monday, March 2nd, 2015 at 3:30 pm Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing +1 866 655 1591 (US Free Call) and +44 (0) 1452 569335 (UK and International) and entering the Conference ID: 86963995.