DOHA: Qatar Navigation Company’s (Milaha) net profit for the full year 2014 touched QR1.04bn, up 10 percent from QR950m recorded a year ago.
Milaha’s earnings per share (EPS) amounted to QR9.23 in 2014 compared to QR8.33 in 2013.
Company directors have recommended cash dividend of 55 percent of its share’s par value, or QR5.5 per share.
The company’s operating revenues of QR2.63bn reflects a growth of 14 percent compared to QR2.30bn for the same period in 2013. Its operating profit of QR648m increased from QR644m in 2013. Commenting on Milaha’s solid performance, Milaha Chairman and Managing Director Sheikh Ali bin Jassim Al Thani said, “We have continued to build on 2013’s record results. This is due to the solid foundation we have in place with the group.”
Milaha President and CEO Khalifa Ali Al Hetmi said, “We are extremely pleased with our overall results, particular given where we were at the end of the first half of 2014”. “The increase in project-related activity in Qatar improved trade volumes while the Qatar equity markets rebounded from the decline in the second quarter.”
The gas and petrochem segment had an extremely strong year relative to 2013, as very large gas containers’ (VLGC) market rates hit record highs boosting the bottom line, and product tankers posted much higher profit due to higher freight rates.
Milaha’s Maritime & Logistics segment’s net income performance declined slightly relative to 2013, driven mostly by one-time, non-operational expenses related to vessel impairments. Its offshore segment declined significantly year on year, as Halul Offshore faced unexpected vessel offhires, along with delays in the delivery and deployment of new vessels, driving higher operating expenses without matching revenue increases. Milaha Capital outperformed an already strong Qatari stock market to drive an increase in net profits year on year.
Milaha Trading’s net profit increased significantly relative to 2013 due to a boost in sales of heavy equipment in response to a ramp up in infrastructure project execution in Qatar.
