Milaha announces a 2% growth in its net profit for 2023, reaching QR 1.03 billion

DOHA : Qatar Navigation Q.P.S.C. (“Milaha”) announced its financial results for the year ended December 31, 2023. 

Key financial highlights :

• Operating revenues of QR 2.942 billion for the year ended December 31, 2023, compared to QR 3.285 billion for the same period in 2022
• Operating profit before impairments of QR 436 million for the year ended December 31, 2023, compared to QR 487 million for the same period in 2022
• Net profit of QR 1.030 billion for the year ended December 31, 2023, compared to QR 1.013 billion for the same period in 2022
• Earnings per share of QR 0.91 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 QR 330 million 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 QR 108 million 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 QR 87 million compared to the same period in 2022, driven by increased vessel utilization, specialized services, and project income.

Milaha Capital’s net profitincreased by QR 149 million 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 QR 3 million 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 QAR 0.375 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.