DOHA: Qatar Navigation (Milaha) recorded a net profit of QR950m for the full-year 2013 against QR835m for the same period in 2012, an increase of 14 percent year over year.
Operating revenues reached QR2.24bn against QR2.29bn for the same period in 2012, a modest decrease of two percent year over year. The board of directors has decided to recommend to the general assembly to distribute a cash dividend of QR5 per share.
Milaha’s maritime and logistics segment’s performance declined due to an asset impairment and increased operating costs.
Net profit of the gas and 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 due to decline 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 four 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. “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,” he said. The Peninsula
