Sheikh Ali bin Jassim bin Mohammad Al-Thani, Chairman of the Board of Directors

Qatar Navigation (Milaha) Q.S.C. today announced its financial results for year ended December 31st, 2013.

Summary financial results are as follows:

  • Operating Revenues of QR 2.24 billion vs. QR 2.29 billion for the same period in 2012, a modest decrease of 2% year over year.
  • Operating Profit of QR 647 million vs. QR 562 million for the same period in 2012, an increase of 15% year over year.
  • Net Profit of QR 950 million vs. QR 835 million for the same period in 2012, an increase of 14% year over year.
  • Earnings per share of QR 8.33 vs. QR 7.33 for the same period in 2012.

The Board of Directors has decided to recommend to the General Assembly to distribute a cash dividend of QR 5 per share.

Milaha’s Maritime & Logistics segment’s performance declined relative to 2012, driven by an asset impairment and increased operating costs.

Net profit of the Gas & Petrochem segment remained steady relative to 2012, as the improved performance of the owned and operated fleet was offset by weakness in the VLGC sector.

Milaha’sOffshore segment showed double digit growth in net profit, as Halul Offshore recovered from operational issues it faced in 2012 and full year effect of added vessels to the fleet.

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

Milaha Trading’s net profit decreased relative to 2012 due to declines in vehicle service related revenues and marine sales.

“We are naturally pleased with our record operating results in 2013,” said Khalifa Ali Al-Hetmi, President and CEO of Milaha. “While the tremendous upturn in the Qatar stock market accounted for a majority of the increased profit, we had strong positive growth from some of our core businesses as well, such as offshore, container shipping and logistics.”

“We have come a long way in the past 4 years, since 2009, having doubled our revenue and net profit in that period. I want to thank our shareholders and Board for their support, and commend our staff for their hard work,” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha. “That said, we look at this year’s performance as only a foundation, and will continue to push ourselves to achieve our ambitious strategic goals over the coming years.”