Qatar Navigation (Milaha) Q.S.C. today announced its financial results for the six months ended June 30, 2015. Milaha delivered a net profit of QAR 651 million for the first half of 2015, a 26% increase in profitability compared to the first half of 2014.
Key financial highlights:
Operating revenues increased by 22% to QAR 1.51 billion for the half year ended June 30, 2015, up from QR 1.24 billion for the same period in 2014
Operating profit increased by 31% to QAR 442 million for the half year ended June 30, 2015, up from QR 337 million for the same period in 2014
Net profit increased by 26% to QAR 651 million for the half year ended June 30, 2015, up from QR 518 million for the same period in 2014
Earnings per share increased to QAR 5.73 for the half year ended June 30, 2015, up from QR 4.56 for the same period in 2014
Milaha Maritime & Logistics' revenue grew by 27% and net profit by 119%, mainly driven by our port and container shipping businesses. The ramp up in project activity in Qatar lead to increased trade volumes continues to positively impact this segment.
Milaha Gas & Petrochem's revenue grew by 26% and net profit by 29%, on the back of stronger performance from its fully owned and operated product tankers and gas carriers, as well as investments in associates and LNG JVs.
Milaha Offshore's revenue grew by 41% and net profit by 151% despite weak market conditions driven by the steep decline in oil prices and the cutbacks on capital spending by oil majors. The offshore management team continues to take steps towards a long term strategy of fleet renewal and geographic expansion, while optimizing utilization and operating efficiency under the current difficult conditions.
Milaha Trading's revenue grew by 24% and net profit by 108% on the back of strong equipment sales driven largely by the ongoing projects in Qatar.
Despite outperforming the Qatar Exchange index, the performance of the actively traded investment portfolio of Milaha Capital experienced a decline, resulting in an 8% drop in net profit in comparison to the same period in 2014.
"We continue to execute on our long term strategy and, as a result, we have continued to deliver strong financial performance in a challenging business environment. Our seasoned management team remains focused and committed to growing the various Milaha segments, with a particular emphasis on gas transportation, container shipping, offshore, warehousing and logistics," said Sheikh Ali bin Jassim Al Thani, Chairman of Milaha.
He then added, "Over five years ago, Milaha embarked on a transformation that reinvented the way it conducts business. I am pleased that our hard work and unwavering commitment to improvement and growth is paying off and we see that reflected in our financial results as well as in our growing recognition locally, regionally and internationally."
The company will conduct an investor conference call on Monday, August 3rd, 2015 at 3 pm Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing +44 (0) 1452 569 335 (UK and International) and entering the Conference ID: 87852931. Further information can be found on our website www.milaha.com.
About Milaha
The company was established in July 1957 as the first public shareholding company registered in Qatar and holds commercial registration no. 1. Milaha's current activities include marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management.
The legal entity, Qatar Navigation Q.S.C. (QNNS), is publicly listed on the Qatar Exchange. For further details please visit the company's website www.milaha.com.
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© Press Release 2015
