Qatar Navigation Q P S C : Quarterly Financial 2025 Q1

Qatar Navigation Q.P.S.C. INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2025

Qatar Navigation Q.P.S.C.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As at and for the three months ended 31 March 2025

CONTENTS	PAGE (S)
Interim condensed consolidated financial statements
Interim condensed consolidated income statement	1
Interim condensed consolidated statement of other comprehensive income	2
Interim condensed consolidated statement of financial position	3-4
Interim condensed consolidated statement of cash flows	5-6
Interim condensed consolidated statement of changes in equity	7
Notes to the interim condensed consolidated financial statements	8-21

Qatar Navigation Q.P.S.C.

INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT

For the three months ended 31 March 2025

For the three months ended 31 March
		2025	2024
		(Unaudited)	(Unaudited)
	Notes	QR'000	QR'000
Operating revenues	3	759,187	747,043
Salaries, wages and other benefits		(180,971)	(173,014)
Operating supplies and expenses		(240,519)	(235,920)
Rent expenses		(1,392)	(1,705)
Depreciation and amortisation		(117,180)	(97,978)
Reversal of impairment of trade receivables		17,754	7,231
Other operating expenses		(24,776)	(37,394)
OPERATING PROFIT		212,103	208,263
Finance costs		(12,144)	(6,839)
Finance income		4,945	3,753
Gain on disposal of property, vessels and equipment		1,031	9,026
Share of results of associates	9	156,323	154,760
Share of results of joint ventures	8	17,634	1,034
Net loss on foreign exchange		(553)	(5)
PROFIT BEFORE TAX		379,339	369,992
Income tax expense		(5,430)	(5,154)
PROFIT FOR THE PERIOD		373,909	364,838
Attributable to:
Equity holders of the Parent		374,452	365,180
Non-controlling interest		(543)	(342)
		373,909	364,838
BASIC AND DILUTED EARNINGS PER SHARE (attributable to equity holders of the Parent) (expressed in QR per share)	4	0.33	0.32

Qatar Navigation Q.P.S.C.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

For the three months ended 31 March 2025

For the three months ended 31 March
2025	2024
(Unaudited) (Unaudited)
QR'000	QR'000

Profit for the period	373,909		364,838
Other comprehensive income (OCI):
Items that will not be reclassified subsequently to profit or loss
Net loss on financial assets at FVOCI	(94,727)		(271,389)
Equity-accounted investees - share of OCI	(1,590)		(4,882)
	(96,317)		(276,271)
Items that may be reclassified subsequently to profit or loss
Net (loss) gain resulting from cash flow hedges	(5,166)		19,696
Cash flow hedge movement for equity-accounted investees	(164,202)		47,689
	(169,368)		67,385
Total other comprehensive loss	(265,685)		(208,886)
Total comprehensive income	108,224		155,952

Attributable to:
Equity holders of the Parent	108,767	156,246
Non-controlling interest	(543)	(294)
	108,224	155,952

Qatar Navigation Q.P.S.C.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31 March 2025

	31 March	31 December
	2025	2024
	(Unaudited)	(Audited)
Notes	QR'000	QR'000

ASSETS
Non-current assets
Property, vessels and equipment	5	3,161,003	3,095,280
Investment properties	6	874,269	875,680
Intangible assets		4,231	4,416
Right-of-use assets	7	177,509	118,368
Investments in joint ventures	8	1,101,206	1,083,572
Investments in associates	9	8,097,916	8,248,809
Financial assets at FVOCI		2,731,971	2,854,287
Investments in deposits		365,000	365,000
Loans granted to LNG companies		78,733	77,361
Total Non-current assets		16,591,838	16,722,773
Current assets
Inventories		55,095	62,177
Trade and other receivables		1,019,091	1,073,093
Equity instruments at FVTPL		645,879	645,751
Investments in term deposits	10	393,381	514,855
Cash and cash equivalents		333,748	187,996
		2,447,194	2,483,872
Non-current assets classified as held for sale		375,924	-
Total Current assets		2,823,118	2,483,872
Total Assets		19,414,956	19,206,645
EQUITY AND LIABILITIES
Attributable to equity holders of the Parent
Share capital	12	1,136,165	1,136,165
Legal reserve		4,693,986	4,693,986
General reserve		623,542	623,542
Fair value reserve		2,252,595	2,350,149
Hedging reserve		1,071,032	1,240,400
Translation reserve		(18,027)	(18,027)
Retained earnings		7,369,715	7,448,492
Equity attributable to equity holders of the Parent		17,129,008	17,474,707
Non-controlling interest		2,401	2,944
Total Equity		17,131,409	17,477,651

The interim consolidated statement of financial position continues on the next page.

Qatar Navigation Q.P.S.C.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(CONTINUED)

At 31 March 2025

		2025	31 December 2024
	Is'oIes	{Hnaudited) QR'000	(Audited) QR'000
EQUITY HE'D LIABILITIES (CO TIh'TJED)
Liabilities
Non-current liabilities Loans and borio»'ings		464,272	475,359
Advance fiom a customer		64,866	66,780
Lease liabilities		80,020	61,982
Provision for employees' end of service benefits		I30,l61	122,827
Total Xon-current liabilities		739,319	726,948
Current liabilities Trade and other payables		1,140,300	763,646
Loans and borrowings		302,052	174,556
Lease liabilities			63,844
Total Current liabilities		1,544,228	1,002,046
Total Liabilities		2,283,547	T728,994
Total Equity and Liabilities			19,206,645

Chairman

Fahad bin Saad Al-Qahiaoi

Group Chief Executive orrer

The aflachcd notes 1 to lS form part of these interim condensed consolidated finamial statemenis.

4

Qatar Navigation Q.P.S.C.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the three months ended 31 March 2025

For the three months ended 31 March
2025	2024
(Unaudited) (Unaudited)
QR'000	QR'000

CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax	379,339	369,992
Adjustment for:
Depreciation and amortisation	117,180	97,978
Finance costs	12,144	6,839
Gain on disposal of property, vessels and equipment	(1,031)	(9,026)
Share of results of associates	(156,323)	(154,760)
Share of results of joint ventures	(17,634)	(1,034)
Provision for employees' end of service benefits	8,517	4,540
Finance income	(4,945)	(3,753)
Dividend income	(72,678)	(98,289)
Reversal of impairment of trade receivables	(17,754)	(7,231)
Net fair value loss on equity instruments at FVTPL	470	891
Operating profit before working capital changes	247,285	206,147
Changes in working capital:
Inventories	7,082	9,206
Trade and other receivables	69,786	(181,023)
Trade and other payables	(12,086)	117,259
Cash flows from operating activities	312,067	151,589
Employees' end of service benefits paid	(1,183)	(2,071)
Net cash flows from operating activities	310,884	149,518
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, vessels and equipment and intangible assets	(146,439)	(27,005)
Dividend income	72,678	98,289
Finance income	4,945	3,753
Proceeds from disposal of property, vessels and equipment	1,036	95,127
Proceeds from disposal of investment properties	-	1,117
Additions to investment properties	(12,867)	(639)
Net movement in investments in term deposits	121,474	(165,500)
Net movement in investments in financial assets at FVOCI	27,589	(406,472)
Dividends received from associates	141,424	281,395
Net cash flows from (used in) investing activities	209,840	(119,935)

Qatar Navigation Q.P.S.C.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

For the three months ended 31 March 2025

For the three months ended 31 March
	2025	2024
(Unaudited) (Unaudited)
Notes	QR'000	QR'000

CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	13	(454,466)	(426,062)
Net movement in loans and borrowings		116,409	220,255
Finance costs paid		(12,144)	(6,839)
Payment of lease liabilities		(24,771)	(21,648)
Net cash flows used in financing activities		(374,972)	(234,294)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		145,752	(204,711)
Cash and cash equivalents at 1 January		187,996	414,411
CASH AND CASH EQUIVALENTS AT 31 MARCH	11	333,748	209,700

Qatar Navigation Q.P.S.C.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the three months ended 31 March 2025

Attributable to the equity-holders of the Parent
	Share capital	Legal reserve	General reserve	Fair value reserve	Hedging reserve	Translation reserve	Retained earnings	Total	Non- controlling interest	Total
	QR'000	QR'000	QR'000	QR'000	QR'000	QR'000	QR'000	QR'000	QR'000	QR'000
Balance at 31 December 2024 (Audited)	1,136,165	4,693,986	623,542	2,350,149	1,240,400	(18,027)	7,448,492	17,474,707	2,944	17,477,651
Profit for the period	-	-	-	-	-	-	374,452	374,452	(543)	373,909
Other comprehensive loss	-	-	-	(96,317)	(169,368)	-	-	(265,685)	-	(265,685)
Total comprehensive income	-	-	-	(96,317)	(169,368)	-	374,452	108,767	(543)	108,224
Transfer of reserve of investments	-	-	-	(1,237)	-	-	1,237	-	-	-
Dividends paid (Note 13)	-	-	-	-	-	-	(454,466)	(454,466)	-	(454,466)
Balance at 31 March 2025 (Unaudited)	1,136,165	4,693,986	623,542	2,252,595	1,071,032	(18,027)	7,369,715	17,129,008	2,401	17,131,409
Attributable to the equity-holders of the Parent
	Share capital	Legal reserve	General reserve	Fair value reserve	Hedging reserve	Translation reserve	Retained earnings	Total	Non-controlling interest	Total
	QR'000	QR'000	QR'000	QR'000	QR'000	QR'000	QR'000	QR'000	QR'000	QR'000
Balance at 31 December 2023 (Audited)	1,136,165	4,693,986	623,542	2,465,084	981,653	-	6,780,714	16,681,144	41,569	16,722,713
Profit for the period	-	-	-	-	-	-	365,180	365,180	(342)	364,838
Other comprehensive (loss) income	-	-	-	(276,319)	67,385	-	-	(208,934)	48	(208,886)
Total comprehensive income	-	-	-	(276,319)	67,385	-	365,180	156,246	(294)	155,952
Reduction of capital	-	-	-	-	-	-	-	-	(26,348)	(26,348)
Dividends paid (Note 13)	-	-	-	-	-	-	(426,062)	(426,062)	-	(426,062)
Balance at 31 March 2024 (Unaudited)	1,136,165	4,693,986	623,542	2,188,765	1,049,038	-	6,719,832	16,411,328	14,927	16,426,255

The attached notes 1 to 18 form part of these interim condensed consolidated financial statements.

1 REPORTING ENTITY

Qatar Navigation Q.P.S.C. (the "Company" or the "Parent") was incorporated in accordance with the provisions of the Qatar Commercial Companies Law No. 11 of 2015 (and all its amendments) as a Qatari Public Shareholding Company, and it is registered at the Ministry of Commerce and Industry of the State of Qatar with the Commercial Registration number 1 dated 5 July 1957. The registered office of the Company is located at Street No. 523, Zone 56, Umm Al Saneem Area, East Industrial Road, Doha, State of Qatar. The shares of the Company are publicly traded on the Qatar Stock Exchange since 26 May 1997.

These interim condensed consolidated financial statements comprise the Company and its subsidiaries (collectively referred as the "Group" and individually as the "Group entities") and the Group's interests in equity-accounted investees.

The principal activities of the Group, which remain unchanged from the previous year, include the provision of marine transport, acting as agent to foreign shipping lines, offshore services, warehousing, sale of heavy vehicles, ship repair, fabrication and installation of offshore structures, land transport, chartering of vessels, real estate, investments in listed and unlisted securities and trading of aggregates & building materials.

The interim condensed consolidated financial statements of the Group were authorised for issue by the Board of Directors on 30 April 2025.

The Company had the following active subsidiaries as at the current and the comparative reporting dates:

Group effective shareholding
Name of the subsidiary	Country of incorporation	Principal activities	2025	2024
Qatar Shipping Company W.L.L.	Qatar	Chartering of vessels and maritime services	100%	100%
Halul Offshore Services Company W.L.L.	Qatar	Chartering of vessels offshore services	100%	100%
Qatar Quarries and Building Materials Company Q.P.S.C. (i)	Qatar	Trading in building materials	50%	50%
Gulf Shipping Investment Company W.L.L.	Qatar	Cargo handling	100%	100%
Milaha Ship Management (India) Private Limited (ii)	India	Operate and manage all types of ships	100%	100%
Ocean Marine Services W.L.L.	Qatar	Cargo handling, offshore support services	100%	100%
Milaha Trading Company W.L.L.	Qatar	Trading in industrial materials	100%	100%
Navigation Travel & Tourism W.L.L.	Qatar	Travel agency	100%	100%
Navigation Trading Agencies W.L.L.	Qatar	Trading in heavy equipment	100%	100%
Halul Offshore Services SPLLC (iii)	Saudi	Offshore services	100%	100%

1. REPORTING ENTITY (CONTINUED)

The Company had the following active subsidiaries as at the current and the comparative reporting dates (continued):

Group effective shareholding
Name of the subsidiary	Country of incorporation	Principal activities	2025	2024
Navigation Marine Service Center W.L.L.	Qatar	Marine services	100%	100%
Milaha Capital W.L.L.	Qatar	Investments	100%	100%
Milaha Real Estate Services W.L.L.	Qatar	Real estate maintenance	100%	100%
Milaha Integrated Maritime and Logistics W.L.L.	Qatar	Maritime and logistic services	100%	100%
Milaha International Maritime L.L.C	Qatar	Maritime and logistic services	100%	100%
Milaha Ras Laffan Verwaltungs GMBH	Germany	Managing the business activities of KG companies	100%	100%
Milaha Qatar Verwaltungs GMBH	Germany	Managing the business activities of KG companies	100%	100%
Milaha Real Estate Investment W.L.L.	Qatar	Real estate services	100%	100%
Milaha Ras Laffan Gmbh & Co. KG (KG1)	Germany	LNG transportation	100%	100%
Milaha Qatar Gmbh & Co. KG (KG2)	Germany	LNG transportation	100%	100%
Milaha Offshore Holding Co. PTE LTD	Singapore	Offshore support services	100%	100%
Milaha Explorer PTE LTD	Singapore	Offshore support services	100%	100%
Milaha Offshore Services Co PTE LTD	Singapore	Offshore support services	100%	100%
Milaha Real Estate Company LLC	Qatar	Real Estate Investments	100%	100%
Milaha Ship Management W.L.L.	Qatar	Fleet & Technical Services	100%	100%
Milaha Maritime and Logistics India Services LLP	India	Maritime and logistic services	100%	100%
Milaha Real Estate Company LLC	Qatar	Real estate maintenance	100%	100%
Milaha Capital Management LLC	Qatar	Investments	100%	100%
Milaha Investment LLC	Qatar	Investments	100%	100%

1. REPORTING ENTITY (CONTINUED)

   The Company had the following active subsidiaries as at the current and the comparative reporting dates (continued):

   Group effective shareholding
   Name of the subsidiary	Country of incorporation	Principal activities	2025	2024
   Milaha Asset Management GP S.a.r.L	Luxemburg	Investments	100%	100%
   MRL MQ QFC LLC	Qatar	Investments	100%	100%
   Navigation Trading Agencies Service Centre W.L.L.	Qatar	Trading and repairing of vehicle and accessories	100%	100%
   Milaha Real Estate Asset LLC	Qatar	Investments	100%	-
   Milaha VLGC Holding Limited	Malta	Investments	100%	-
   Milaha VLGC Limited	Malta	Charter, operate and manage different types of ships	100%	-
   Milaha Asset Management I SCSp	Luxemburg	Investments	100%	-
   Milaha Asset Management II SCSp	Luxemburg	Investments	100%	-

   1. The Company controls Qatar Quarries and Building Materials Company Q.P.S.C. through its power to control its Board of Directors.

   2. Formerly known as Qatar Shipping (India) Private Limited

   3. Formerly known as Halul Offshore Business Services Company LLC

   The Company also had the following inactive subsidiaries as at the current and the comparative reporting dates:

   Name of the subsidiary	Country of incorporation	Group's ownership percentage
   		2025	2024
   Milaha Offshore Support Services Company W.L.L.	Qatar	99.5%	99.5%
   Milaha for Petroleum and Chemical Product W.L.L.	Qatar	99.5%	99.5%
   Milaha Warehousing W.L.L.	Qatar	100%	100%
   Milaha Offshore Services (UK) Limited	United Kingdom	100%	100%

   All subsidiaries' undertakings are included in the consolidation. The proportion of the voting rights in the subsidiary undertakings held directly by the parent do not differ from the proportion of the ordinary shares held.

   The Company also had the following registered branches in Dubai as at the current and the comparative reporting dates:

   Name of the branch	Principal activity
   Qatar Navigation (Dubai Branch)	Marine, Maritime and Logistics services
   Milaha International Maritime Dubai Branch - Jafza	Maritime and logistic services
   Milaha Trading and Services Jafza Branch	Trading in industrial materials

   The results and the assets and liabilities of the above branches have been combined in the consolidated financial statements of the Group.

2. BASIS OF PREPARATION
   1. Basis of preparation

      The interim condensed consolidated financial statements for the three months ended 31 March 2025 have been prepared in accordance with IAS 34 Interim Financial reporting and are prepared in Qatari Riyals ("QR"), which is the Group's functional and presentation currency, and all values are rounded to the nearest thousands (QR'000) except otherwise indicated.

      The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as at 31 December 2024. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

      The results for the three-month period ended 31 March 2025 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2025.

      The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty and Group's financial risk management objectives and policies were the same as those that applied to the consolidated financial statements for the year ended 31 December 2024.

   2. New standards, interpretations and amendments adopted by the Group

      A number of new or amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards.

3. OPERATING REVENUES

   The operating revenues consist of the activities of the following Pillars:

   Three months ended 31 March
   	2025	2024
   	(Unaudited)	(Unaudited)
   	QR'000	QR'000
   Milaha Capital	121,320	159,061
   Milaha Maritime and Logistics	160,208	136,831
   Milaha Offshore	398,838	372,839
   Milaha Trading	21,107	15,364
   Milaha Gas and Petrochem	57,714	62,948
   	759,187	747,043

4. BASIC AND DILUTED EARNINGS PER SHARE

   Basic earnings per share is calculated by dividing the net profit for the period attributable to equity holders of the parent by the weighted average number of shares outstanding during the period.

   Three months ended 31 March
   	2025	2024
   	(Unaudited)	(Unaudited)
   Net profit for the period attributable to equity holders of the Parent (QR'000)	374,452	365,180
   Weighted average number of shares (000's)	1,136,165	1,136,165
   Basic and diluted earnings per share (QR)	0.33	0.32

5. PROPERTY, VESSELS AND EQUIPMENT

   	31 March	31 December
   	2025	2024
   	(Unaudited)	(Audited)
   	QR'000	QR'000
   Net book value, beginning balance	3,095,280	2,775,797
   Additions	146,264	824,409
   Disposals and write off	(5)	(92,622)
   Transfers and reclassifications	(415)	(1,360)
   Impairment of vessels and capital work-in-progress	-	(110,826)
   Depreciation charge for the period/year	(80,121)	(300,118)
   Net book value, ending balance	3,161,003	3,095,280

6. INVESTMENT PROPERTIES

   	31 March	31 December
   	2025	2024
   	(Unaudited)	(Audited)
   	QR'000	QR'000
   Net book value, beginning balance	875,680	856,183
   Additions	12,867	76,126
   Depreciation charge for the period/year	(14,278)	(56,629)
   Net book value, ending balance	874,269	875,680

7. LEASES

   1. Right-of-use assets

      The right-of-use assets relate to leasehold lands, vessels, warehouses and offices with lease terms ranging from 2 to 15 years.

      		31 March 2025			31 December 2024
      		(Unaudited)				(Audited)
      		QR'000	QR'000
      	Vessels	Land & Buildings	Total		Vessels	Land & Buildings	Total
      Beginning balance	87,662	30,706	118,368		83,480	31,607	115,087
      Additions	63,269	211	63,480		81,215	3,223	84,438
      Adjustments for lease modifications	30,676	1,162	31,838		16,702	500	17,202
      Termination	(11,868)	(2,302)	(14,170)		(17,152)	-	(17,152)
      Depreciation	(20,815)	(1,192)	(22,007)		(76,583)	(4,624)	(81,207)
      Ending balance	148,924	28,585	177,509		87,662	30,706	118,368

   2. Lease liabilities

      	31 March		31 December
      	2025		2024
      	(Unaudited)		(Audited)
      	QR'000		QR'000
      Beginning balance	125,826		126,843
      New leases	63,480		84,438
      Adjustment for lease modification	32,154		16,632
      Termination	(14,793)		(17,925)
      Payment	(24,771)		(84,162)
      Ending balance	181,896		125,826

      The finance lease liabilities are presented in the interim condensed consolidated statement of financial position as follows:

      	31 March		31 December
      	2025		2024
      	(Unaudited)		(Audited)
      	QR'000		QR'000
      Non-current	80,020		61,982
      Current	101,876		63,844
      	181,896		125,826

8. INVESTMENTS IN JOINT VENTURES

   The Group has following investments in Joint Ventures:

   Name of entity	Country of	Group effective ownership
   	Incorporation	2025	2024
   Gulf LPG Transport Company W.L.L. (a)	Qatar	50%	50%
   Qterminals L.L.C ( b )	Qatar	49%	49%

   1. Gulf LPG Transport Company W.L.L.

      Gulf LPG Transport Company W.L.L ("GLPG") is a limited liability company established together with Qatar Gas Transport Company Q.P.S.C. (NAKILAT). Gulf LPG aims to provide various activities of owning, managing and operating liquid gas transporting ships.

   2. Qterminals L.L.C.

   Qterminals L.L.C. (Qterminals) was legally incorporated on 10 May 2017 with the Commercial Registration number 98511. The shareholding structure of Qterminals is 51% owned by Qatar Ports Management Company ("Mwani Qatar") and 49% owned by Milaha. The purpose of the company is to operate ports, managing the port activities including the new Hamad Port based on an agreement signed between Milaha and Mwani Qatar during December 2016.

   Based on the concession agreement dated 1 October 2017, Qterminals L.L.C. accepted the delegation of the concession rights. The concession agreement compliments the terms of the shareholders' agreement signed by the shareholders of Qterminals, which requires the incorporation of a new company (Qterminals L.L.C.).

   In line with the overall arrangement, the Group transferred the concession rights to Qterminals amounting to QR 416,108,000. Accordingly, the delegated concession rights have been accounted for as an investment in the books of Milaha. The concession agreement stipulates that in the event of force majeure, the concession rights revert to Milaha.

   Reconciliation of the summarised financial information presented to the carrying amount of its investment in joint ventures:

   	31 March	31 December
   	2025	2024
   	(Unaudited)	(Audited)
   	QR'000	QR'000
   At 1 January	1,083,572	1,022,138
   Share of results	17,634	143,651
   Share of net movement in other comprehensive income	-	(18,027)
   Dividends received	-	(64,190)
   At 31 March / December	1,101,206	1,083,572

9. INVESTMENTS IN ASSOCIATES

The Group has the following investment in associates:

	Country of incorporation	Ownership %		Profit Sharing %
		2025	2024	2025	2024
MacGregor Doha W.L.L. (i), (vii), (viii)	Qatar	51.0%	51.0%	40.0%	40.0%
Hapag - Lloyd Qatar W.L.L. (Formerly: United Arab Shipping Agency Company W.L.L.) (ii), (vii), (viii)	Qatar	51.0%	51.0%	20.0%	20.0%
Qatar Gas Transport Company Limited (NAKILAT) Q.P.S.C. (iii)	Qatar	36.3%	36.3%	36.3%	36.3%
Camartina Shipping INC. (iv),(viii)	Liberia	29.4%	29.4%	29.4%	29.4%
Peninsula LNG Transport No. 1 Ltd. (v),(viii)	Liberia	29.4%	29.4%	29.4%	29.4%
Peninsula LNG Transport No. 2 Ltd. (v),(viii)	Liberia	29.4%	29.4%	29.4%	29.4%
Peninsula LNG Transport No. 3 Ltd. (v),(viii)	Liberia	29.4%	29.4%	29.4%	29.4%
MAN Energy Solutions Qatar Navigation W.L.L. (vi),(vii), (viii)	Qatar	51.0%	51.0%	35.0%	35.0%

Notes:

1. MacGregor Doha W.L.L. (previously known as Cargotec Qatar W.L.L.) is engaged in providing maintenance and repair of marine, land based cargo access and control system to off-shore and onshore oil services and gas facilities.

2. Hapag - Lloyd Qatar W.L.L. is engaged in providing cargo and shipping services.

3. Qatar Gas Transport Company Limited (NAKILAT) Q.P.S.C. is engaged in the sector of gas transportation either through its own ocean-going vessels or by investing in joint ventures with other parties.

4. Camartina Shipping INC. is engaged in operation of a time charter of 135,000 m³ Liquefied Natural Gas (LNG) vessel.

5. Peninsula LNG Transport Ltd No's 1, 2 & 3 were established to acquire, own, and operate a time charter Liquefied Natural Gas (LNG) vessel.

6. MAN Energy Solutions Qatar Navigation W.L.L. is engaged in trading and maintenance of marine engines, equipment's and spare parts.

7. Even though the share ownership in the companies listed in point (i), (ii), and (vi) is more than 50%, the Group has only a significant influence over financial and operating policies. Therefore, these companies have not been considered as subsidiaries of the Group.

8. The interim consolidated financial statements have been prepared based on the management accounts of these entities as of the reporting date.

1. INVESTMENT IN ASSOCIATES (CONTINUED)

   Reconciliation of the summarised financial information presented to the carrying amount of its interests in associates:

   	31 March	31 December
   	2025	2024
   	(Unaudited)	(Audited)
   	QR'000	QR'000
   At 1 January	8,248,809	7,819,081
   Share of results	156,323	584,901
   Share of net movement in other comprehensive income	(165,792)	266,529
   Dividends received	(141,424)	(421,702)
   At 31 March / December	8,097,916	8,248,809

2. INVESTMENTS IN TERM DEPOSITS

   	31 March	31 December
   	2025	2024
   	(Unaudited)	(Audited)
   	QR'000	QR'000
   Term deposits with banks	600,953	578,622
   Less: Term deposits maturing before 90 days	(207,572)	(63,767)
   Term deposits maturing after 90 days (i)	393,381	514,855

   Notes:

   1. Short-term deposits earn interest at market rates and these are with an original maturity of over 90 days.

3. CASH AND CASH EQUIVALENTS

   For the purpose of the interim condensed consolidated statement of cash flows, cash and cash equivalents comprise the following:

   Three months ended 31 March
   	2025	2024
   	(Unaudited)	(Unaudited)
   	QR'000	QR'000
   Cash in hand	2,081	12,808
   Cash at bank - term deposits (i)	207,572	9,855
   Cash at bank - current accounts	124,095	187,037
   	333,748	209,700

   1. Represents deposits with an original maturity of less than 90 days with commercial market rates.

4. SHARE CAPITAL

   	Number of shares
   	('000')	QR'000
   Authorised, issued and fully paid shares
   At 31 March 2025 and 31 December 2024	1,136,165	1,136,165

   All shares have equal rights.

5. DIVIDENDS Dividend proposed and paid for the year 2024

   The Board of Directors have proposed a 40% cash dividend of QR 0.40 per share totaling QR 454 million for the year 2024 which was approved by the equity holders at the Annual General Assembly.

   Dividend paid:

   	2025	2024
   	QR'000	QR'000
   Final dividend	454,466	426,062

6. CONTINGENT LIABILITIES

   At 31 March 2025 and 31 December 2024, the Group had letters of guarantees and letters of credit from which it anticipates that no material liabilities will arise amounted to:

   	31 March	31 December
   	2025	2024
   	(Unaudited)	(Audited)
   	QR'000	QR'000
   Letters of guarantees	1,175,126	1,188,637
   Letters of credits	670	2,472
   	1,175,796	1,191,109

7. FINANCIAL ASSETS AND FINANCIAL LIABILITIES

   Financial instruments comprise of financial assets, financial liabilities and derivative financial instruments.

   Financial assets consist of bank balances, financial assets at fair value through other comprehensive income (FVOCI), equity instruments at fair value through profit or loss, loans granted to LNG companies and certain other receivables. Financial liabilities consist of loans and borrowings and certain other payables. Derivative financial instruments consist of interest rate swaps. As at the reporting date, the carrying values of the financial assets and financial liabilities (except for financial assets at FVOCI and equity instruments) were not materially different to the fair values.

8. RELATED PARTY DISCLOSURES

   The following table provides the total amount of transactions that have been entered into with related parties during the three months ended 31 March 2025 and 2024, as well as balances with related parties as at 31 March 2025 and 31 December 2024:

   Related party transactions

   Three months ended 31 March
   	2025			2024
   	Sales	Purchases		Sales	Purchases
   	(Unaudited)		(Unaudited)
   	QR'000	QR'000		QR'000	QR'000
   Joint ventures	63	34,609		79	20,888
   Associates	241	1,772		213	521
   	304	36,381		292	21,409

   Related party balances

   Balances with related parties included in the interim condensed consolidated statement of financial position are as follows:

   31 March 2025			31 December 2024
   	Trade receivables	Trade payables	Trade receivables	Trade payables
   	(Unaudited)		(Audited)
   	QR'000	QR'000	QR'000	QR'000
   Joint ventures	47	386,709	75	7,121
   Associates	1,550	65	2,689	940
   Directors	175	81	215	65
   	1,772	386,855	2,979	8,126

   Compensation of directors and other key management personnel

   The accrued remuneration of directors and the paid salaries and allowances to members of key management during the period was as follows:

   Three months ended 31 March
   	2025		2024
   	(Unaudited)		(Unaudited)
   	QR'000		QR'000
   Salaries and allowances	3,575		2,728
   Provision for employees' end of service benefits	412		267
   Board of directors' remuneration	3,488		3,488
   	7,475		6,483

9. COMPARATIVE INFORMATION

   The comparative figures for the previous period have been reclassified, where necessary, in order to conform to the current year's presentation. Such reclassification do not affect the previously reported net profits, net assets or equity.

10. SEGMENT INFORMATION

The Group is organised into six pillars as follows, which constitute five reportable segments (strategic divisions):

• Milaha Capital provides corporate finance advisory services to the Parent and its subsidiaries, in addition to managing its proprietary portfolio of financial and real estate investments and holding the investment of Qatar Quarries and Building Material Company W.L.L.

• Milaha Maritime & Logistics delivers a comprehensive range of services to major importers, exporters and shipping companies in the region, including oil & gas majors. The activities include logistics services, container feeder shipping, non-vessel operating common carriers (NVOCC) operations, bulk shipping, shipping agencies, port management and operations, shipyard and steel fabrication.

• Milaha Offshore provides comprehensive offshore support services to the oil and gas industry across the region. The group currently operates a fleet of offshore service vessels, which include safety standby vessels, anchor handling tugs, crew boats, workboats and dynamic positioning (DP) vessels. It provides a complete range of diving services including saturation diving.

• Milaha Trading is engaged in trading trucks, heavy equipment, machinery and lubrication brands in Qatar. The segment markets its products and provides critical after sales service.

• Milaha Gas and Petrochem owns, manages and operates a fleet of LPG and LNG carriers and provides ocean transportation services to international energy and industrial companies. It further owns and manages a young fleet of product tankers and one crude carrier. The segment also operates a number of product tankers in partnership with international trading and shipping companies.

• Milaha Corporate provides necessary services to all the pillars to run their respective business. These services are costs of management, corporate development and communications, internal audit, legal affairs, shared services, information technology, procurement, human resources and administration and finance. The costs are allocated to consuming departments using a corporate allocation methodology.

Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss and is measured consistently with operating profit or loss in the consolidated financial statements.

Transfer prices between operating segments are on an arm's length basis in a manner similar to transactions with third parties.

18 SEGMENT INFORMATION (CONTINUED)

Three months period ended 31 March 2025 (Unaudited)

	Milaha Capital	Milaha Maritime and Logistics	Milaha Offshore	Milaha Trading	Milaha Gas and Petrochem	Adjustments relating to Milaha Corporate	Total segments	Adjustments and eliminations	Consolidated
	QR'000	QR'000	QR'000	QR'000	QR'000	QR'000	QR'000	QR'000		QR'000
Operating revenues	131,998	221,465	400,874	48,284	57,714	-	860,335	(101,148)	(i)	759,187
Salaries, wages and other benefits	(3,378)	(79,768)	(45,430)	(6,104)	(7,991)	(38,300)	(180,971)	-		(180,971)
Operating supplies and expenses	(3,278)	(162,332)	(114,724)	(41,944)	(3,833)	(3,644)	(329,755)	89,236	(i)	(240,519)
Rent expenses	(677)	(7,412)	(1,052)	(708)	(26)	(2,466)	(12,341)	10,949	(i)	(1,392)
Depreciation and amortisation	(18,651)	(19,031)	(59,837)	(362)	(18,720)	(579)	(117,180)			(117,180)
Reversal of (Provision for) impairment of trade receivables	6,163	11,599	116	(124)	-	-	17,754	-		17,754
Other operating expenses	(1,713)	(15,637)	(4,489)	(824)	2,153	(5,229)	(25,739)	963	(i)	(24,776)
Allocations relating to fleet and technical services	-	83,390	(83,384)	-	(6)	-	-	-		-
Allocations relating to Milaha Corporate	(4,676)	(25,151)	(14,604)	(3,364)	(1,998)	49,793	-	-		-
OPERATING PROFIT (LOSS)	105,788	7,123	77,470	(5,146)	27,293	(425)	212,103	-		212,103
Finance costs	(6,515)	(1,178)	(10,042)	-	(10,390)	-	(28,125)	15,981	(i)	(12,144)
Finance income	6,409	-	6,380	14	8,122	1	20,926	(15,981)	(i)	4,945
Net gain (loss) on disposal of property, vessels and equipment	-	-	1,034	(3)	-	-	1,031	-		1,031
Share of results of associates	(30)	21	-	-	156,332	-	156,323	-		156,323
Share of results of joint ventures	-	10,324	-	-	7,310	-	17,634	-		17,634
Net (loss) gain on foreign exchange	(105)	(428)	46	(66)	-	-	(553)	-		(553)
PROFIT (LOSS) BEFORE TAX	105,547	15,862	74,888	(5,201)	188,667	(424)	379,339	-		379,339
Income tax (expense) benefit	(968)	40	(3,578)	597	(1,945)	424	(5,430)	-		(5,430)
PROFIT (LOSS) FOR THE PERIOD	104,579	15,902	71,310	(4,604)	186,722	-	373,909	-		373,909
Attributable to:
Equity holders of the Parent	105,122	15,902	71,310	(4,604)	186,722	-	374,452	-		374,452
Non-controlling interest	(543)	-	-	-	-	-	(543)	-		(543)
	104,579	15,902	71,310	(4,604)	186,722	-	373,909	-		373,909

18 SEGMENT INFORMATION (CONTINUED)

Three months period ended 31 March 2024 (Unaudited)

	Milaha Capital	Milaha Maritime and Logistics	Milaha Offshore	Milaha Trading	Milaha Gas and Petrochem	Adjustments relating to Milaha Corporate	Total segments	Adjustments and eliminations	Consolidated
	QR'000	QR'000	QR'000	QR'000	QR'000	QR'000	QR'000	QR'000		QR'000
Operating revenues	168,730	165,364	372,839	47,156	62,948	-	817,037	(69,994)	(i)	747,043
Salaries, wages and other benefits	(3,208)	(74,433)	(45,454)	(6,625)	(7,515)	(35,779)	(173,014)	-		(173,014)
Operating supplies and expenses	(12,479)	(138,956)	(98,181)	(39,916)	(3,487)	(2,856)	(295,875)	59,955	(i)	(235,920)
Rent expenses	(742)	(7,587)	(518)	(716)	(49)	(1,718)	(11,330)	9,625	(i)	(1,705)
Depreciation and amortisation	(18,483)	(8,709)	(57,387)	(423)	(12,439)	(537)	(97,978)	-		(97,978)
(Provision for) Reversal of impairment of trade receivables	(278)	7,222	66	221	-	-	7,231	-		7,231
Other operating expenses	(1,688)	(16,605)	(10,257)	(1,258)	(3,242)	(4,758)	(37,808)	414	(i)	(37,394)
Allocations relating to fleet and technical services	-	77,253	(77,246)	-	(7)	-	-	-		-
Allocations relating to Milaha Corporate	(4,370)	(23,149)	(13,015)	(2,748)	(2,354)	45,636	-	-		-
OPERATING PROFIT (LOSS)	127,482	(19,600)	70,847	(4,309)	33,855	(12)	208,263	-		208,263
Finance costs	(3,448)	(7,040)	(10,950)	-	(6,852)	-	(28,290)	21,451	(i)	(6,839)
Finance income	9,038	6,713	7,166	21	2,266	-	25,204	(21,451)	(i)	3,753
Gain on disposal of property, vessels and equipment	-	8,500	514	-	-	12	9,026	-		9,026
Share of results of associates	264	198	-	-	154,298	-	154,760	-		154,760
Share of results of joint ventures	-	(2,688)	-	-	3,722	-	1,034	-		1,034
Net gain (loss) on foreign exchange	38	32	(1)	(28)	(46)	-	(5)	-		(5)
PROFIT (LOSS) BEFORE TAX	133,374	(13,885)	67,576	(4,316)	187,243	-	369,992	-		369,992
Income tax expense	-	-	(4,125)	-	(1,029)	-	(5,154)	-		(5,154)
PROFIT (LOSS) FOR THE PERIOD	133,374	(13,885)	63,451	(4,316)	186,214	-	364,838	-		364,838
Attributable to:
Equity holders of the Parent	133,716	(13,885)	63,451	(4,316)	186,214	-	365,180	-		365,180
Non-controlling interest	(342)	-	-	-	-	-	(342)	-		(342)
	133,374	(13,885)	63,451	(4,316)	186,214	-	364,838	-		364,838

Note:

1. Inter-segment revenues are eliminated on consolidation.