Qatar Navigation (Milaha) Q.S.C. today announced its financial results for year ended December 31st, 2012.
Summary financial results are as follows:
Operating Revenues of QR 2.35 billion vs. QR 2.19 billion for the same period in 2011, an increase of 7% year over year.
Operating Profit of QR 575 million vs. QR 461 million for the same period in 2011, an increase of 25% year over year.
Net Profit of QR 835 million vs. QR 711 million for the same period in 2011, an increase of 17% year over year.
Earnings per share of QR 7.31 vs. QR 6.21 for the same period in 2011.
The Board of Directors also decided to recommend to the General Assembly to distribute a cash dividend of QR 3.75 per share.
Milaha's Maritime & Logistics segment net profit strongly improved over 2011, driven largely by port services and container feeder transport activities.
A one-time income related to an increased stake in 2 LNG carriers boosted the net profit of the Gas & Petrochem segment relative to 2011 by 5%.
Net profit for Milaha's Offshore segment declined by 26% relative to 2011, largely due to unforeseen operational issues in the first quarter of 2012.
Milaha Capital's profit rose 43%, mainly on the back of investment sales and increased gains from the Company's portfolio.
"2012 was another exciting and challenging year for Milaha, one in which we delivered strongly improved financial performance while continuing to make progress towards our long term strategic goals," said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha. "The combination of a dynamic Qatari economy and our own significant, internal efforts to optimize productivity within Milaha contributed to a strong year overall."
Beginning Q1 2012, Milaha began reporting segment financials under its new structure, following the re-alignment of the company into a corporate entity and strategic business pillars.
The company will conduct an investor conference call on Wednesday, March 20th, 2013 at 3 pm Doha time, to further discuss its results. The conference call, organized by QNB Financial Services, may be accessed by telephone by dialing 0808 238 0673 (UK Free Call) and +44 (0) 1452 569 335 (UK and International) and entering the Conference ID: 23257083.
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.
For additional information, please contact:
Shareholder Relations
Tel: +974 4 494 9873;
Fax: +974 4 483 3244
Email: ysakhawy@milaha.com
Corporate Communications
Tel: +974 4 494 9624;
Fax:+974 4 483 3244
Email: nfattaleh@milaha.com
© Press Release 2013
