Qatar Navigation (Milaha) Q.P.S.C. announced 26
February 2018 its financial results for the twelve months ended December 31,
2017. Milaha delivered a net profit of QAR 470 millionfor the full year of
Operating revenues decreased by 2% to QAR 2.491 billion for the twelve months
ended December 31, 2017, down from QAR2.551 billion for the same period in
2016. Operating profit decreased by 19% to QAR 448
million for the twelve months ended December 31, 2017, down from QAR 555
million for the same period in 2016. Earnings per share decreased to QAR 4.14
for the twelve months ended December 31, 2017, down from QAR 6.26 for the same
period in 2016.
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 declined by QAR 23 million in 2017 compared to 2016,
mainly due to QAR 33 million in vessel impairments in our Container Shipping
unit.Excluding impairments, the segment outperformed 2016 by 7%,largely due to
a strong increase in container volumes in our Port Servicesunit.
Milaha Gas & Petrochem’s net profit declined by QAR 269 million in comparison to 2016. The shipping sectors in which we operate
continued to face significant challenges in2017, which impacted both commercial
performance as well as vessel valuations.
Milaha Offshore’sbottom line declined by QAR 71 million in
2017 compared to 2016 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’snet income declined by QAR 7 million in
2017 compared to 2016, mainly as a result of reduced margins in marine fuel and
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 welaunched 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
company will conduct an investor conference call on Monday, March 5, 2018 at
2pm Doha time, to further discuss its results. The conference call may be
accessed by telephone by dialing Qatar Toll Free: 00 800 100 458 and entering
the Conference ID: 5962712. Further information can be found on our website www.milaha.com.