Milaha reports Net Profit of QAR 711 million for Full Year 2016

Posted by Daily Shipping Times on 01-03-2017        Tweet

DUBAI: Qatar Navigation (Milaha) Q.P.S.C. recently announced its financial results for the year ended December 31, 2016. The company declared a net profit of QAR 711 million for 2016 on revenues of QAR 2.55 billion.

Key financial highlights:

•             Operating revenue for the year ended December 31, 2016 was QAR 2.551 billion.

•             Operating profit for the year ended December 31, 2016 was QAR 555 million.

•             Net profit for the year ended December 31, 2016 was QAR 711 million.

•             Earnings per share for the year ended December 31, 2016 was QAR 6.26.

The Board of Directors decided to recommend to the General Assembly to distribute a 35% cash dividend, equivalent to QAR 3.5 per share.

Milaha Maritime & Logistics’ net profit was QAR 144 million for the year ended 2016.

Milaha Gas & Petrochem’s net profit was QAR 415 million for the year ended 2016. The decline in profits was partially offset by the full year impact of increasing our ownership in two LNG carriers – Milaha Ras Laffan & Milaha Qatar– from 40% to 100% in 2015.

Milaha Offshore recorded a net loss of QAR 115 million for the year ended 2016.

Milaha Capital’s net profit for the year ended 2016 inched up 1% higher than the profit reported for year ended 2015, with both its Financial Investments as well as its Real Estate arms holding steady in a volatile year.

Milaha Trading’s net profit was QAR 8 million for the year ended 2016.

“2016 was a profitable year for Milaha despite the challenging business environment. Our strong balance sheet and formidable asset portfolio will allow us to continue executing our long-term growth strategy and expanding our presence in Qatar and beyond,” said H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors.

For his part, Milaha’s President and CEO Mr. Abdulrahman Essa Al-Mannai said: “Despite the multiple macroeconomic and sector-specific challenges we faced in 2016, we achieved a net profit of QAR 711 million. Operationally, we had an even better year as we entered new markets, enhanced and increased our service offerings across several sectors, and added new assets to our portfolio.”