Qatar Navigation (Milaha) Q.S.C. today announced its financial results for the half year ended June 30, 2014.
Summary financial results are as follows:
- Operating revenues of QR 1.244 billion vs. QR 1.240 billion for the same period in 2013, an increase of 0.3% year over year.
- Operating Profit of QR 339 million vs. QR 442 million for the same period in 2013, a decrease of 23% year over year.
- Net Profit of QR 518 million vs. QR 574 million for the same period in 2013, a decrease of 10% year over year.
- Earnings per share of QR 4.56 vs. QR 5.05 for the same period in 2013.
Milaha Capital accounted for the majority of the reduction in net profit (8% of the 10%), attributable to a steep decline in the Qatar equities market in June, but which has since rebounded.
Milaha’s core maritime segments – Offshore, Maritime & Logistics, Gas & Petrochem – accounted for 3% of the reduction in net profit. This was driven mainly by an unexpected decrease in export volumes from Qatar, as well as from lower vessel utilization and vessel delivery delays in the Offshore segment. The decline in Offshore and Maritime & Logistics was partially offset by significantly higher net profit in the Gas & Petrochem segment, as VLGC sector rates showed strong improvement over recent years.
Strong results in Milaha Trading contributed to an increase of 1% in the overall net profit.
“This is our first year on year decline in a while,” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha. “And while much of it was not in our control, we are very focused on getting the business back to normal the rest of the year.”
“We have put in place a number of measures targeted at both driving incremental revenues and reducing discretionary costs over the rest of the year in most of our core businesses,” said Khalifa Ali Al-Hetmi, President and Chief Executive Officer of Milaha. “We have largely overcome the operational issues from the first quarter and look forward to a stronger second half.”
The company will conduct an investor conference call on Wednesday, July 23rd, 2014 at 2 pm Doha time, to further discuss its results. The conference call, organized by QNB Financial Services, may be accessed by telephone by dialing 0800 953 0102 (UK Free Call) and +44 (0) 1452 555566 (UK and International) and entering the Conference ID: 77762301.