Doha: Qatar Navigation Q.P.S.C. (Milaha) yesterday announced net profit of QR724m for 12 months ended December 31, 2021, compared to QR59m for the same period in 2020. It reported operating revenues of QR2.78bn for 12 months ended December 31, 2021 compared to QR2.27bn in 2020.
Its operating profit before impairments reached QR253m for 12 months ended December 31, 2021 compared to QR279m for the same period in 2020. The earnings per share reached QR0.64 for 12 months ended December 31, 2021, compared to QR0.05 for the same period in 2020.
Milaha Maritime & Logistics’ net profit increased by QR 21m compared with the same period in 2020. Strong container shipping rates coupled with network optimization measures improved profitability. Milaha Gas & Petrochem’s net profit increased by QR72m compared with the same period in 2020 driven mainly by higher results from our joint venture and associate companies.
Milaha Offshore’s bottom line increased by QR438m compared with the same period in 2020. The improvement was mainly attributable to a decrease in vessel impairments.
Milaha Capital’s net profit increased by QR34m compared with the same period in 2020. The net increase is mainly due to a reduction in impairments.
Milaha Trading’s bottom line decreased by QR1m compared with the same period in 2020. Despite increased heavy equipment and bunker sales, margin erosion brought overall performance down.
Commenting on the company’s financial and operational performance for the year ended December 31, 2021, Sheikh Jassim bin Hamad bin Jassim Jaber Al Thani, Milaha’s Chairman of the Board of Directors, said: “Milaha displayed strength and resilience in response to the global challenges and business disruptions faced in 2021. Our focus on our core business was demonstrated in our strong performance, on both financial and operational levels.”
Milaha’s President and CEO, Abdulrahman Essa Al Mannai said: “Despite the continued challenges and complex disruptions to the global supply chains, we were able to make significant strides, as we capitalized on the growing global demand for shipping services and strong market conditions. Our achievements are a strong testament to our dedication towards improving operational competitiveness, ensuring business continuity, and protecting our employees.”
The Board of Directors decided to recommend to the General Assembly to distribute a 30 percent cash dividend of the par value of a share, equivalent to QR0.30 per share, representing a payout ratio of 47 percent of 2021 net profit.
The Board of Directors has invited all Shareholders to the Ordinary General Assembly meeting, that will be held on March 6, at the Company’s Head Office, located in Ain Khaled (Industrial Area No. 523, Area 56, Zone E), where in-person registration will begin one hour before the meeting at 3:30 p.m., and the meeting will begin at 4:30 p.m. (via Zoom app) after the registration is complete. The Zoom Meeting link will be announced within the coming period.
The company will conduct an investor conference call on February 10 at 14:00 Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing Qatar Toll Free Number: 00 800 100 443 and entering the Conference ID: 1685940.
