Milaha reports Net Profit of QAR 470 Million for full year 2017

Posted by Daily Shipping Times on 28-02-2018        Tweet

QATAR : Qatar Navigation (Milaha) Q.P.S.C. announced its financial results for the twelve months ended December 31, 2017. Milaha delivered a net profit of QAR 470 million for the full year of 2017.

Operating revenues stood at QAR 2.491 billion for the twelve months ended December 31, 2017. Operating profit stood at QAR 448 million for the 12 months ended December 31, 2017. Earnings per share was at QAR 4.14 for the twelve months ended December 31, 2017.

The Board of Directors decided to recommend to the General Assembly, which will be held at 4:00 PM on 18 March 2018 at the Four Seasons Hotel in Doha, Qatar, to distribute a 35% cash dividend, equivalent to QAR 3.5 per share.

Milaha Maritime & Logistics’ net profit stood at QAR 23 million in 2017 Excluding impairments, the segment outperformed 2016 by 7%, largely due to a strong increase in container volumes in our Port Services unit.

Milaha Gas & Petrochem’s net profit was at QAR 269 million. The shipping sectors in which we operate continued to face significant challenges in 2017, which impacted both commercial performance as well as vessel valuations.

Milaha Offshore’s bottom line stood at QAR 71 million in 2017 driven by the significant drop in oil prices which negatively impacted the exploration and production value chain, including offshore vessels and related services.

Milaha Capital’s net income increased by QAR 129 million as a result of strong returns on our investment portfolio. Milaha Trading’s net income declined by QAR 7 million in 2017 compared to 2016, mainly as a result of reduced margins in marine fuel and lubricant sales.

“Despite the unexpected events and ongoing industry-wide challenges during the year, Milaha remained profitable in 2017 driven by a stronger operating performance in the third quarter onwards, which we believe, sets the stage for a successful 2018. Going forward, we will continue to focus on driving growth and executing on our strategic priorities,” said H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors.

For his part, Milaha’s President and CEO said: “We finished 2017 with strong momentum to carry us into 2018 and beyond. This reflects the success of the new shipping routes and supply chain solutions we launched throughout the year. Additionally, we continued to improve the cost structure of our businesses, expand our value proposition, and we remain on track to deliver sustained short and long-term growth.”