Qatar Navigation (Milaha) Q.S.C. today announced its financial results for the nine months ended September 30, 2014.
Summary financial results are as follows:
- Operating revenues of QR 1.973 billion vs. QR 1.745 billion for the same period in 2013, an increase of 13.1% year over year.
- Operating Profit of QR 542 million vs. QR 569 million for the same period in 2013, a decrease of 4.8% year over year.
- Net Profit of QR 821 million vs. QR 778 million for the same period in 2013, an increase of 5.5% year over year.
- Earnings per share of QR 7.22 vs. QR 6.85 for the same period in 2013.
After relatively disappointing H1 results, Milaha recovered strongly in the third quarter to show year-to-date profit growth. The recovery was driven by strong growth in trade volumes and a rebound in the Qatar equities market.
Year-on-year, the results for Milaha’s core maritime segments – Offshore, Maritime & Logistics, Gas & Petrochem – improved slightly. This was driven by higher net profit in the Gas & Petrochem segment, which benefited from stronger VLGC rates and higher profits from Milaha’s stake in Qatar Gas Transport Co. (Nakilat), which more than offset weaker performance in our Offshore and Maritime & Logistics segments.
The third quarter also saw a rebound in the Qatar equities market, which more than offset weaker H1 results and drove Milaha Capital’s profit higher on a year-over-year basis.
“We are pleased to have got back on track after a somewhat disappointing first half,” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha. “Trade volumes have grown as a result of increased project activity as well as population growth in Qatar, and we hope this will be sustained going forward.”
“Although we are still behind last year in 2 of our core maritime segments, we are pleased that Q3 helped us narrow the gap,” said Khalifa Ali Al-Hetmi, President and Chief Executive Officer of Milaha.
The company will conduct an investor conference call on Tuesday, November 4th, 2014 at 3 pm Doha time, to further discuss its results. Dial-in details for the conference call, organized by QNB Financial Services, will be posted to our website www.milaha.com.