Milaha reports a 10% increase in net profit

Qatar Navigation (Milaha) recorded a net profit of QR516m for the full year 2018, an increase of 10 percent, compared to QR470m for the same period in 2017. Earnings per share is at QR 4.54 for the twelve months ended December 31, 2018, compared to QR4.14 for the corresponding period in 2017.

Milaha’s operating revenues stood at QR2.4bn, marginally down from QR2.5bn for the same period in 2017. Operating profit slipped to QR397m, from QR448m 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 percnet cash dividend, equivalent to QR3 per share.

Milaha Maritime & Logistics’ operating revenue decreased by QR41 million, and net profit decreased by QR54m, 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 QR122m, and bottom line improved by QR177m due to the addition of new vessels, stronger vessel utilization and lower impairment charges.

Milaha Capital’s net profit decreased by QR62m due to lower financial portfolio trading returns.

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.” 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.”

Source from: The Peninsula