Milaha net profit grows by 2% to reach $282mln in 2023

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Doha, Qatar: Qatar Navigation (“Milaha”) yesterday announced its financial results for the year ended December 31, 2023. The net profit reached QR1.030bn for the year ended December 31, 2023, compared to QR1.013bn for the same period in 2022.

The operating revenues reached QR2.942bn for the year ended December 31, 2023, compared to QR3.285bn for the same period in 2022. While the operating profit before impairments was QR436m for the year ended December 31, 2023, compared to QR487m for the same period in 2022. The earnings per share of QR0.91 for the year ended December 31, 2023, compared to QR 0.89 for the same period in 2022

Milaha Maritime & Logistics’ net profit decreased by QR330m compared to the same period in 2022, mainly due to weakened container shipping rates compared to near record highs in 2022, and reduced volumes.

Milaha Gas & Petrochem’s net profit increased by QR108m compared to the same period in 2022, mainly due to non-recurrent vessel impairments that were recorded in 2022 and improved performance from wholly owned vessels.

Milaha Offshore’s net profit increased by QR87m compared to the same period in 2022, driven by increased vessel utilisation, specialised services, and project income.

Milaha Capital’s net profit increased by QR149m compared to the same period in 2022, driven by an increase in investment income and a non-recurrent real estate property impairment recorded in 2022.

Milaha Trading’s bottom line increased by QR3m compared to the same period in 2022, coming from increased margins of bunker and related ancillary services, along with higher marine product sales.

The Board of Directors decided to recommend to the General Assembly to distribute a 37.5% cash dividend of the par value of a share, equivalent to QR0.375 per share, representing a payout ratio of 41% of 2023 net profit.

The Board of Directors invites all Shareholders to the Ordinary Annual General Assembly meeting, that will be held on Tuesday, March 5, 2024, at the Company’s Head Office, located in Ein Khaled (Industrial Area St. No. 100, Area 56, Zone E). In-person registration will begin one hour before the meeting at 3:30 pm, during which those registered can receive a Zoom link to attend the meeting. The meeting will begin at 4:30 pm after registration is complete.

The company will conduct an investor conference call on Wednesday, February7th, 2024 at 14:00 Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing Qatar Toll Free Number: 00 800 101 734 and entering the Conference ID: 6581731.