Consolidated Income Statement - Q1
(All amounts in QR Millions)
Operating Revenue
Salaries, Wages and Other Benefits Operating Supplies and Expenses Rent Expenses
Depreciation and Amortisation
Provision of Impairment of Trade Receivables
2023 | 2024 | 2025 |
766 | 747 | 759 |
Revenue 2%
Operating Profit
before Impairments 2%
Other Operating Expenses
Operating Expenses
Operating Profit before Impairments
Impairment of Property, Vessels and Equipment
Net Profit 3%
%'s shown vs 2024
(139) | (173) | (181) |
(306) | (236) | (241) |
(3) | (2) | (1) |
(94) | (98) | (117) |
3 | 7 | 18 |
(16) | (37) | (25) |
(556) | (539) | (547) |
210 | 208 | 212 |
0 | 0 | 0 |
(14) | (7) | (12) |
8 | 4 | 5 |
1 | 9 | 1 |
115 | 155 | 156 |
44 | 1 | 18 |
0 | (0) | (1) |
0 | (5) | (5) |
154 | 157 | 162 |
Finance Costs Finance Income
Net Gain on Disposal of Property, Vessels & Equipment Share of Results of Associates
Share of Results of Joint Arrangements Net Gain on Foreign Exchange
Tax for the Year
Non-Operating Profit
364 | 365 | 374 |
Profit for the Period
766
747
759
(1) | 0 | 1 |
Non-controlling interest
2023 2024
2025
2023 2024
2025
363 365
374
Revenue Net Income
Net Profit Attributable To Equity Holders Of The Parent | 363 | 365 | 374 |
Port Services
Vessel Charter & Operations
LNG Transport
Heavy Equipment and Truck Agency
Container Shipping • LPG Transport
Subsea Services • Bunker Distribution
Warehousing &
Logistics
Engineering &
Construction Services
Floating Storage and Offloading (FSO) Operations
Marine Engine and
Lubricants Agency
Shipyard
Real Estate Development and Management
Strategic and Financial Investments
Well Services
Ship Chandlery
Shipping Line Agencies
Harbor Marine Operations
Industrial Logistics
(All amounts in QR Millions)
%'s shown vs 2024
+0.3%
156
134
-21%
119
+12%
105
63
71
+215%
67
19
-7%
16
(14)
3
(4)
186 187
Maritime & Logistics
Offshore Gas & Petrochem Trading
(5)
Capital
Statement of Income, by Segment - Q1 2025
(All amounts in QR Millions)
Maritime & Logistics | Offshore & Marine | Gas & Petrochem | Trading | Capital | Corporate | Eliminations/ Adjustments | Consolidated |
Operating Revenue | 221 | 401 | 58 | 48 | 132 | - | (101) | 759 | ||||
Salaries, Wages & Benefits | (80) | (45) | (8) | (6) | (3) | (38) | - | (181) | ||||
Operating Supplies & Expenses | (162) | (115) | (4) | (42) | (3) | (4) | 89 | (241) | ||||
Rent Expenses | (7) | (1) | (0) | (1) | (1) | (2) | 11 | (1) | ||||
Depreciation & Amortization | (19) | (60) | (19) | (0) | (19) | (1) | - | (117) | ||||
Provision of Impairment of Trade Receivables | 12 | 0 | - | (0) | 6 | - | - | 18 | ||||
Other Operating Expenses | (16) | (4) | 2 | (1) | (2) | (5) | 1 | (25) | ||||
Fleet & Technical Expense Allocation | 83 | (83) | (0) | - | - | - | - | 0 | ||||
Expense Allocation from Milaha Corporate | (25) | (15) | (2) | (3) | (5) | 50 | - | - | ||||
Operating Profit before Impairments | 7 | 77 | 27 | (5) | 106 | (0) | 0 | 212 | ||||
Impairment of Property, Vessels and Equipment | - | - | - | - | - | - | - | - | ||||
Finance Costs | (1) | (10) | (10) | - | (7) | - | 16 | (12) | ||||
Finance Income | - | 6 | 8 | 0 | 6 | 0 | (16) | 5 | ||||
Net Gain on Disposal of Property, Vessels & Equipment | - | 1 | - | (0) | - | - | - | 1 | ||||
Net Gain on Disposal of Investment Property | - | - | - | - | - | - | - | - | ||||
Share of Results of Associates | 0 | - | 156 | - | (0) | - | - | 156 | ||||
Share of Results of Joint Arrangements | 10 | - | 7 | - | - | - | - | 18 | ||||
Impairment of Available-for-Sale Investments | - | - | - | - | - | - | - | - | ||||
Net Gain on Foreign Exchange | (0) | 0 | - | (0) | (0) | - | - | (1) | ||||
Miscellaneous Income Tax for the Year | - | 0 | - (4) | - (2) | - | 1 | - | (1) | - | 0 | - - | - (5) |
Profit for the Period 16 71 187 (5) 105 (0) 0 374
Non-controlling interest - - - - 1 - - 1
Net Profit Attributable To Equity Holders Of The Parent 16 71 187 (5) 105 (0) 0 374
Statement of Income, by Segment - Q1 2024(All amounts in QR Millions)
Maritime & Logistics | Offshore & Marine | Gas & Petrochem | Trading | Capital | Corporate | Eliminations/ Adjustments | Consolidated |
Operating Revenue | 165 | 373 | 63 | 47 | 169 | - | (70) | 747 | ||||||
Salaries, Wages & Benefits | (74) | (45) | (8) | (7) | (3) | (36) | - | (173) | ||||||
Operating Supplies & Expenses | (139) | (98) | (3) | (40) | (12) | (3) | 60 | (236) | ||||||
Rent Expenses | (8) | (1) | (0) | (1) | (1) | (2) | 10 | (2) | ||||||
Depreciation & Amortization | (9) | (57) | (12) | (0) | (18) | (1) | - | (98) | ||||||
Provision of Impairment of Trade Receivables | 7 | 0 | - | 0 | (0) | - | - | 7 | ||||||
Other Operating Expenses | (17) | (10) | (3) | (1) | (2) | (5) | 0 | (37) | ||||||
Fleet & Technical Expense Allocation | 77 | (77) | (0) | - | - | - | - | 0 | ||||||
Expense Allocation from Milaha Corporate | (23) | (13) | (2) | (3) | (4) | 46 | - | (0) | ||||||
Operating Profit before Impairments | (20) | 71 | 34 | (4) | 127 | (0) | (0) | 208 | ||||||
Impairment of Property, Vessels and Equipment | - | - | - | - | - | - | - | - | ||||||
Finance Costs | (7) | (11) | (7) | - | (3) | - | 21 | (7) | ||||||
Finance Income | 7 | 7 | 2 | 0 | 9 | 0 | (21) | 4 | ||||||
Net Gain on Disposal of Property, Vessels & Equipment | 9 | 1 | - | - | - | 0 | - | 9 | ||||||
Net Gain on Disposal of Investment Property | - | - | - | - | - | - | - | - | ||||||
Share of Results of Associates | 0 | - | 154 | - | 0 | - | - | 155 | ||||||
Share of Results of Joint Arrangements | (3) | - | 4 | - | - | - | - | 1 | ||||||
Impairment of Available-for-Sale Investments | - | - | - | - | - | - | - | - | ||||||
Net Gain on Foreign Exchange Miscellaneous Income | - | 0 | - | (0) | (0) - | - | (0) | - | 0 | - - | - - | (0) - | ||
Tax for the Year | - | (4) | (1) | - | - | - | - | (5) | ||||||
Profit for the Period | (14) | 63 | 186 | (4) | 133 | (0) | - | 365 | ||||||
Non-controlling interest | - | - | - | - | 0 | - | - | 0 | ||||||
Net Profit Attributable To Equity Holders Of The Parent | (14) | 63 | 186 | (4) | 134 | (0) | - | 365 |
(All amounts in QR Millions)
34% Increase in Revenue and 215% Increase in Bottom Line
Operating Revenue increased QR 56m
• +41m Container Shipping driven by higher rates since opening of China routes in H2 2024
• +9m Freight Logistics due to increased freight & project volumes, and
higher warehouse utilization
Operating Expenses are up QR (29)m
-6m increase in Salaries, Wages & Benefits due to additional crew in our Ship Management unit, for 2 new Offshore vessels
-23m increase in Operating Supplies & Expenses tied to revenue growth
-10m increase in Depr & Amort from Container Shipping unit from amortization of chartering vessel expenses. In Q4 2024, Milaha chartered in 2 vessels
Salaries, Wages and Other Benefits
(67)
(74)
(80)
Operating Supplies and Expenses
(175)
(139)
(162)
Rent Expenses
(9)
(8)
(7)
Depreciation and Amortisation
(7)
(9)
(19)
Provision of Impairment of Trade Receivables
0
7
12
Other Operating Expenses
(15)
(17)
(16)
Fleet & Technical Expense Allocation
72
77
83
Expense Allocation from Milaha Corporate
(25)
(23)
(25)
Operating Expenses
(226)
(185)
(214)
Operating Profit before Impairments
(11)
(20)
7
Non- Operating Income/(Expense)
30
6
9
• +6m increased Fleet & Tech allocation going to Offshore due to increased
Maritime & Logistics
Operating Revenue
215
165
221
2023 2024 2025
Profit for the Period
19
(14)
16
crewing expenses for 2 new vessels
Non-Operating Income is up QR 3m
-9m related to non-recurrence of gain on sale of assets recorded in 2024
• +13m increased profit from QTerminals
20
6
8
108
32
23
5
9
149
27
41 9 7 1
-1
221
Shipyard Shipping Agencies Ship Management
Container Shipping
165
Revenue Waterfall - 2024 vs 2025
Freight Logistics
2024 Container Shipping
Freight Logistics
Shipyard
Shipping Agencies
Ship Management
2025
Segment Performance - Q1(All amounts in QR Millions)
8% Increase in Revenue and 12% Increase in Net Profit
Operating Revenue increased QR 28m
• +21m Vessel Chartering and +10m Services increases driven by additional revenue from 2 new vessels and increased project income
Operating Expenses are up QR (21)m
-17m increase in Operating Supplies & Expenses driven by increased chartering expenses
-6m increase in Fleet & Technical Expenses mainly due to increased crewing expenses related to 2 new vessels
Non-Operating Expenses decreased by QR 1m
Offshore & Marine
Operating Revenue
340
373
401
Salaries, Wages and Other Benefits
(30)
(45)
(45)
Operating Supplies and Expenses
(114)
(98)
(115)
Rent Expenses
(0)
(1)
(1)
Depreciation and Amortisation
(57)
(57)
(60)
Provision of Impairment of Trade Receivables
1
0
0
Other Operating Expenses
6
(10)
(4)
Fleet & Technical Expense Allocation
(72)
(77)
(83)
Expense Allocation from Milaha Corporate
(5)
(13)
(15)
Operating Expenses
(271)
(302)
(323)
Operating Profit before Impairments
69
71
77
2023 2024 2025
Profit for the Period
67
63
71
Services Harbor Operations
373
21 10
202
112
22
222
122
22
Non- Operating Income/(Expense) | (2) | (7) | (6) |
0
-3
401
Revenue Waterfall - 2024 vs 2025
Vessel Chartering
Industrial Logistics
37
2024
Vessel Chartering
Services
Harbor
Operations
Industrial
Logistics
34
2025
Segment Performance - Q1(All amounts in QR Millions)
8% Decrease in Revenue and 0.3% Increase in Net Profit
Operating Revenue decreased by QR (5)m coming from the LNG's due to
favorable one-offs recorded in 2024
Operating Expenses are up QR (1)m
-7m increase in Depreciation & Amort expense tied to change in useful life of the 2x Wholly Owned LNG Carriers from 40 yrs to 30 yrs
• +5m Other Operating Expenses mainly due to provision reversals
Non-Operating Income up QR 7m
• +2m Results from Associates, mainly from our share of Nakilat's results
• +4m Results from Joint Arrangements, mainly from our VLGC JV
Gas & Petrochem
Operating Revenue
57
63
58
Salaries, Wages and Other Benefits
(7)
(8)
(8)
Operating Supplies and Expenses
(5)
(3)
(4)
Rent Expenses
(0)
(0)
(0)
Depreciation and Amortisation
(12)
(12)
(19)
Provision of Impairment of Trade Receivables
2
-
-
Other Operating Expenses
(2)
(3)
2
Fleet & Technical Expense Allocation
(0)
(0)
(0)
Expense Allocation from Milaha Corporate
(2)
(2)
(2)
Operating Expenses
(25)
(29)
(30)
Operating Profit before Impairments
32
34
27
2023 2024 2025
Profit for the Period
156
186
187
48
53
Non- Operating Income/(Expense) | 124 | 152 | 159 |
63
0
58
-5
LNG Vessels
Revenue Waterfall - 2024 vs 2025
FSO | 10 | 10 | ||
2024 | FSO | LNG Vessels | 2025 |
(All amounts in QR Millions)
2% Increase in Revenue and 7% Decrease in bottom line
Higher bunker and marine-related sales, offset by increased cost-of-
goods sold
Trading
Operating Revenue
58
47
48
Salaries, Wages and Other Benefits
(3)
(7)
(6)
Operating Supplies and Expenses
(47)
(40)
(42)
Rent Expenses
(1)
(1)
(1)
Depreciation and Amortisation
(0)
(0)
(0)
Provision of Impairment of Trade Receivables
(0)
0
(0)
Other Operating Expenses
(1)
(1)
(1)
Expense Allocation from Milaha Corporate
(3)
(3)
(3)
Operating Expenses
(55)
(51)
(53)
Operating Profit before Impairments
3
(4)
(5)
2023 2024 2025
Non- Operating Income/(Expense)
0
(0)
1
Profit for the Period
3
(4)
(5)
8
24
47
Bunker Sales
Equipment Trading Agencies
15
Marine Sales & Service
4 1
5
28
-4
Revenue Waterfall - 2024 vs 2025
16
2024
Bunker Sales
Marine Sales & Service
Equipment Trading Agencies
2025
Segment Performance - Q1(All amounts in QR Millions)
22% Decrease in Revenue and 21% Decrease in Net Profit
QR (37)m decrease in Revenue
-24m lower overall Investment income, driven by -34m in lower local equities dividend income. In 2024, full annual dividend was paid in Q1 (along with a midyear distribution for the first time) whereas in 2025, only the semi-annual dividend was paid.
-12m decrease in Qatar Quarries gabbro sales
Operating Expenses are lower QR 15m
Non- Operating Income/(Expense)
2
6
(1)
• +9m decrease in Operating Supplies and Expenses mainly due to decrease in Qatar Quarries Cost of Goods Sold
• +6m due to successful recovery of aged accounts receivable
Non-Operating Income down QR (7)m
Capital
Operating Revenue | 172 | 169 | 132 |
Salaries, Wages and Other Benefits | (5) | (3) | (3) |
Operating Supplies and Expenses | (28) | (12) | (3) |
Rent Expenses | (1) | (1) | (1) |
Depreciation and Amortisation | (17) | (18) | (19) |
Provision of Impairment of Trade Receivables | (0) | (0) | 6 |
Other Operating Expenses | 1 | (2) | (2) |
Expense Allocation from Milaha Corporate | (4) | (4) | (5) |
Operating Expenses | (54) | (41) | (26) |
Operating Profit before Impairments | 118 | 127 | 106 |
2023 2024 2025
Qatar Quarries Real Estate
Investments
169
121
97
Revenue Waterfall - 2024 vs 2025
-24
36
12
0 35
Profit for the Period | 120 | 133 | 105 |
-1
-12
Non- controlling interest | (1) | 0 | 1 |
Net Profit Attributable To Equity Holders Of The Parent | 119 | 134 | 105 |
132
2024
Real Estate Qatar Quarries
Investments
2025
Outlook Maritime & Logistics
Container Shipping
Uncertainty over shipping rates given political & economic trade and tariff issues
Freight Logistics
Environment remains very competitive and challenging, but we're optimistic that new product & service offerings (such as pharma warehousing) and turnaround efforts will improve results
Outlook Offshore Marine
Offshore Support Vessels / Services
Expect steady strong performance on the back of strong Oil & Gas activities in Qatar and from our continued focus on scaling up specialized services
Harbor Operations
Expect stable revenue throughout the year given that most of the vessels are on a long-term
contract
Industrial Logistics
Expect stable revenue throughout the year given that majority of contracts are long-term in
duration
Outlook Gas & Petrochem
Jointly & Fully owned LNG carriers
Stable revenue due to long term fixed nature of contracts
1 Fully-owned FSO
Asset is employed on a long-term contract so expect stable earnings
Results from Associates
Expect stable growth from our Nakilat stake
2x LPG VLGC's
Charter rates are lower than 2024 but have been relatively stable recently; longer term outlook is uncertain
Immediate focus on optimization
Continued focus on the growth of ship chandlering and other marine services, and margin
improvement
Outlook CapitalLimited Investments volatility
Stable results and continued focus on yield enhancement of the financial portfolio
Stable results expected from our Real Estate holdings
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Qatar Navigation QSC published this content on May 01, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 01, 2025 at 06:44 UTC.
