News Column

Milaha profits jump 14pc to top $260m

February 27, 2014

Doha



Qatar Navigation (Milaha), a leader in marine transportation and offshore support, has reported a net profit of QR 950 million ($260.6 million) for 2013, as against QR835 million during 2012, marking an increase of 14 per cent.

The Qatar Stock Exchange listed company also reported operating revenues of QR2.24 billion vs. QR 2.29 billion for the same period in 2012, a modest decrease of 2 per cent year over year.

Its operating profit reached QR 647 million vs QR 562 million for the same period in 2012, an increase of 15 per cent year over year, while earnings per share touched QR8.33 vs. QR7.33 in 2012.

The Board of Directors has decided to recommend to the General Assembly to distribute a cash dividend of QR5 per share.

Milaha's maritime & logistics segment's performance declined relative to 2012, driven by asset impairment and increased operating costs.

Net profit of the gas & petrochem segment remained steady relative to 2012, as the improved performance of the owned and operated fleet was offset by weakness in the VLGC sector.

Milaha's offshore segment showed double digit growth in net profit, as Halul Offshore recovered from operational issues it faced in 2012 and full year effect of added vessels to the fleet.

Milaha Capital outperformed an already strong Qatari stock market to drive a significant increase in net profits year on year.

Milaha Trading's net profit decreased relative to 2012 due to declines in vehicle service related revenues and marine sales.

"We are naturally pleased with our record operating results in 2013," said Khalifa Ali Al-Hetmi, president and CEO of Milaha.

"While the tremendous upturn in the Qatar stock market accounted for a majority of the increased profit, we had strong positive growth from some of our core businesses as well, such as offshore, container shipping and logistics."

"We have come a long way in the past 4 years, since 2009, having doubled our revenue and net profit in that period. I want to thank our shareholders and Board for their support, and commend our staff for their hard work," said Sheikh Ali bin Jassim Al Thani, chairman and managing director of Milaha.

"That said, we look at this year's performance as only a foundation, and will continue to push ourselves to achieve our ambitious strategic goals over the coming years."

The company will conduct an investor conference call on March 3 in Doha to further discuss its results. TradeArabia News Service

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Source: TradeArabia


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