Qatar Navigation (Milaha) Q.P.S.C. today announced its financial results for the twelve months ended December 31, 2018.
Key financial highlights:
- Operating revenues of QAR 2.4 billion for the twelve months ended December 31, 2018, compared to QAR 2.5 billion for the same period in 2017
- Operating profit of QAR 397 million for the twelve months ended December 31, 2018, compared to QAR 448 million for the same period in 2017
- Net profit of QAR 516 million for the twelve months ended December 31, 2018, compared to QAR 470 million for the same period in 2017
- Earnings per share of QAR 4.54 for the twelve months ended December 31, 2018, compared to QAR 4.14 for the same period in 2017
The Board of Directors decided to recommend to the General Assembly, which will be held at 4:30 PM on 18 March 2019 at the Four Seasons Hotel in Doha, Qatar, to distribute a 30% cash dividend, equivalent to QAR 3 per share.
Milaha Maritime & Logistics’ operating revenue decreased by QAR 41 million, and net profit decreased by QAR 54 million, mainly due to vessel impairments taken in our container shipping unit and competitive pressures on container pricing.
Milaha Gas & Petrochem’s operating revenue and net profit essentially remained flat with the same period last year.
Milaha Offshore’s operating revenue improved by QAR 122 million, and bottom line improved by QAR 177 million due to the addition of new vessels, stronger vessel utilization and lower impairment charges.
Milaha Capital’s net profit decreased by QAR 62 million due to lower financial portfolio trading returns.
H.E. Sheikh Jassim bin Hamad bin Jassim Al Thani, Chairman of Milaha’s Board of Directors, said: “We are pleased with the year-on-year improvement in performance. There are still some challenges in the markets in which we operate, but we remain well-positioned to continue driving sustainable growth and delivering value for our clients and shareholders.”
For his part, Mr. Abdulrahman Essa Al-Mannai, Milaha’s President and CEO, added: “We started and ended the year on the right track financially as well as operationally. We continue to focus on our core business growth, cost control, and disciplined capital allocation. This all translated into better performance and shareholder value. In 2018 we expanded our container shipping reach into new markets, launched the first phase of the Milaha Logistics City, and significantly improved our Offshore segment’s performance. We believe this is a testament to our capability to act on the right opportunities as they arise, and to our confidence in the future of the maritime and logistics sector in Qatar and the region.”
The company will conduct an investor conference call on Thursday, February 28th, 2019 at 2 pm Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing Qatar Toll Free Number: 00 800 100 443 and entering the Conference ID: 6395182. Further information can be found on our website www.milaha.com.