Qatar Navigation (Milaha) Q.S.C. today announced its financial results for the twelve months ended December 31, 2015. Milaha delivered a net profit of QAR 1.095 billion for the full-year of 2015, a 4% increase compared to the same period in 2014.
Key financial highlights:
• Operating revenues increased by 14% to QAR 2.998 billion for the twelve months ended December 31, 2015, up from QR 2.633 billion for the same period in 2014
• Operating profit increased by 18% to QAR 772 million for the twelve months ended December 31, 2015, up from QR 656 million for the same period in 2014
• Net profit increased by 4% to QAR 1.095 billion for the twelve months ended December 31, 2015, up from QR 1.049 billion for the same period in 2014
• Earnings per share increased to QAR 9.63 for the twelve months ended December 31, 2015, up from QR 9.23 for the same period in 2014
The Board of Directors decided to recommend to the General Assembly to distribute a 50% cash dividend, equivalent to QR 5 per share.
Milaha Maritime & Logistics’ revenue grew by 26% and net profit by 133%, driven by strong trade volume growth related to increased infrastructure and other project activity in Qatar.
Milaha Gas & Petrochem’s revenue grew by 51% and net profit by 6%, on the back of strong performance from its fully owned and operated product tankers and gas carriers, as well as investments in associates.
Milaha Offshore’s revenue grew by 21% and net profit by 5%, with stronger diving operations leading the way.
Milaha Trading’s revenue grew by 6% and net profit by 67%, with heavy equipment sales for ongoing projects in Qatar driving most of the growth. Milaha Capital’s revenue declined by 22% and net profit by 41%, mainly due to lower returns in the actively traded investment portfolio.
“Despite an increasingly challenging business environment, 2015 was another good year for Milaha. Our core operations have performed exceptionally well, posting double-digit revenue growth, as well as positive net profit growth,” said H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha.
“Given the low oil price environment and the weakening global economic environment, the medium term holds a number of significant challenges for the industries in which we operate,” he added. ”However, we are confident that the foundation we have laid in the past few years will enable us not only to withstand the current headwinds, but also position us for sustainable future growth.”
The company will conduct an investor conference call on Wednesday, March 2nd, 2016 at 3 pm Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing +44 (0) 1452 569 335 (UK and International) and entering the Conference ID: 57572438. Further information can be found on our website www.milaha.com