Qatar Navigation (Milaha) delivered a net profit of QR1.09bn for the full-year of 2015, a 4 percent increase compared to the same period in 2014.
The company’s operating revenues increased by 14 percent to QR2.99bn, up from QR2.63bn from a year ago.
Operating profit increased 18 percent to QR772m, up from QR656m. Milaha’s Earnings Per Share (EPS) increased to QR9.63 for the twelve months ended December 31, 2015, up from QR9.23 for the same period in 2014
The Board of Directors decided to recommend to the General Assembly to distribute a 50 percent cash dividend, equivalent to QR5 per share.
Milaha Maritime & Logistics’ revenue grew by 26 percent and net profit by 133 percent, driven by strong trade volume growth related to increased infrastructure and other project activity in Qatar. Milaha Gas & Petrochem’s revenue grew by 51 percent and net profit by 6 percent, on the back of strong performance from its fully owned and operated product tankers and gas carriers, as well as investments in associates.
Milaha Offshore’s revenue grew by 21 percent and net profit by 5 percent, with stronger diving operations leading the way. Milaha Trading’s revenue grew by 6 percent and net profit by 67 percent, with heavy equipment sales for ongoing projects in Qatar driving most of the growth.
Milaha Capital’s revenue declined by 22 percent and net profit by 41 percent, mainly due to lower returns in the actively traded investment portfolio. “Despite an increasingly challenging business environment, 2015 was another good year for Milaha. Our core operations have performed exceptionally well, posting double-digit revenue growth, as well as positive net profit growth,” said Sheikh Ali bin Jassim Al Thani (pictured), Chairman of Milaha.
“Given the low oil price environment and the weakening global economic environment, the medium term holds a number of significant challenges for the industries in which we operate,” he added. ”However, we are confident that the foundation we have laid in the past few years will enable us not only to withstand the current headwinds, but also position us for sustainable future growth.”
The company will hold an investor conference on March 2 at 3 pm Doha time, to further discuss its results.