Qatar Navigation : Milaha Reports a 6% Increase in Net Profit for Full Year 2019

Qatar Navigation (Milaha) Q.P.S.C. today announced its financial results for the twelve months ended December 31, 2019.
Key financial highlights:

• Operating revenues of QAR 2.40 billion for the twelve months ended December 31, 2019, compared to QAR 2.42 billion for the same period in 2018
• Operating profit of QAR 283 million for the twelve months ended December 31, 2019, compared to QAR 401 million for the same period in 2018
• Net profit of QAR 547 million for the twelve months ended December 31, 2019, compared to QAR 516 million for the same period in 2018
• Earnings per share of QAR 0.48 for the twelve months ended December 31, 2019, compared to QAR 0.45 for the same period in 2018

The Board of Directors decided to recommend to the General Assembly, which will be held at 4:30 PM on 22 March 2020 at the Four Seasons Hotel in Doha, Qatar, to distribute a 30% cash dividend of the par value of a share, equivalent to QAR 0.3 per share.

Milaha Maritime & Logistics' operating revenue increased by QR 26 million and net profit by QR 21 million. Increased profits from our Ports unit and lower container vessel impairments compared to 2018 contributed to improving bottom line results by 32%.

Milaha Gas & Petrochem's operating revenue dropped by QR 10 million, with net profit increasing by QR 297 million against the same period last year. The increase in profit was the result of very strong performance from our joint venture and associate companies, including our 6% additional stake in Nakilat, and lower vessel impairments mainly related to our tanker fleet.

Milaha Offshore's operating revenue increased by QR 86 million, with operating margins remaining strong. The 13% increase in revenue was attributable to vessel additions and increased utilization. Despite strong operational performance, the segment's bottom line decreased by QR 207 million due to vessel impairments

Milaha Capital's revenue decreased by QAR 52 million and net profit by QAR 79 million, as a result of lower returns from the held for trading portfolio as well as reduced dividend income, driven by a reallocation of capital to increase our stake in Nakilat by 6%.

Milaha Trading's revenue decreased by QAR 46 million and bottom line by QAR 2 million.

Commenting on the past year's results, H.E. Sheikh Jassim bin Hamad bin Jassim Jaber Al-Thani, Milaha's Chairman of the Board of Directors, said: "I am satisfied with the year over year financial results, and more so with the foundation we have been putting in place to ensure sustainable growth well into the future. We have invested in new technologies, enhanced our service offerings and capabilities, and I am confident this will help Milaha achieve it's long term strategy objectives."

Milaha's President and CEO, Abdulrahman Essa Al-Mannai added, "We have made significant progress in improving our operations including increasing asset utilization, disposing of underperforming assets, cross selling services, and remaining vigilant and focused on the safety of our staff and operations."

The company will conduct an investor conference call on Thursday, February 27th, 2020 at 2 pm Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing Qatar Toll Free Number: 00 800 100 459 and entering the Conference ID: 7042051. Further information can be found on our website www.milaha.com.