25.02.2015, 11:54
MILAHA DISCLOSES 2014 FINANCIALS WITH QR 1 BILLION IN NET PROFIT
OREANDA-NEWS. Qatar Navigation (Milaha) Q.S.C. today announced its fina
ncial results for
year
ended
December 31st
,
201
4
.
Summary financial results are as follows:
The Gas & Petrochem segment had an extremely strong year relative to 2013 , as VLGC market rates hit record highs significantly boosting the bottom line, and product tankers posted much higher profit due to higher freight rates.
Milaha’s Maritime & Logistics segment’s net income performance declined slightly relative to 2013 , driven mostly by one - time, non - operational expenses related to vessel impairments.
Milaha’s Offshore segment declined significantly year on year , as Halul Offshore faced unexpected vessel offhires, along with delays in the delivery and deployment of new vessels, driving higher operating expenses without matching revenue increases.
Milaha Capital outperformed an already strong Qatari stock market to drive an increase in net profits year on year.
Milaha Trading’s net profit increased significantly relative to 2013 due to a boost in sales of heavy equipment in response to a ramp up in infrastructure project execution in Qatar.
“We have continued to build on 2013’s record results, and this is due to the solid foundation we have in place with the group,” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha. “I want to thank our Board and our colleagues in the organization for their efforts in driving the strong 2014 results.”
“We are extremely pleased with our overall results, particular given where we were at the end of the first half of 2014,” said Khalifa Ali Al - Hetmi, Presid ent and CEO of Milaha. “The increase in project - related activity in Qatar improved trade volumes while the Qatar equity markets rebounded from the decline in the 2 nd quarter”.
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 servic es; shipyard; trading agencies; real estate investments ; and asset management. The legal entity, Qatar Navigation Q.S.C. (QNNS :QD ), is publically listed on the Qatar Exchange.
Summary financial results are as follows:
- Operating R
evenues of QR
2.63
billion vs.
QR
2.
3
0
bil
lion for the same period in
201
3
, a
n increase
of
14
%
year over year.
- Operating Profit of QR
648
million vs.
QR
64
4
million for the same pe
riod in 2013
.
- Net Profit of QR
1
.
04
9
b
illion vs.
QR
950
million for the same period in 2013
, an
increase of
10
% year over year.
- Earnings per share of QR 9.2 3 vs. QR 8 .36 for the same period in 2013.
The Gas & Petrochem segment had an extremely strong year relative to 2013 , as VLGC market rates hit record highs significantly boosting the bottom line, and product tankers posted much higher profit due to higher freight rates.
Milaha’s Maritime & Logistics segment’s net income performance declined slightly relative to 2013 , driven mostly by one - time, non - operational expenses related to vessel impairments.
Milaha’s Offshore segment declined significantly year on year , as Halul Offshore faced unexpected vessel offhires, along with delays in the delivery and deployment of new vessels, driving higher operating expenses without matching revenue increases.
Milaha Capital outperformed an already strong Qatari stock market to drive an increase in net profits year on year.
Milaha Trading’s net profit increased significantly relative to 2013 due to a boost in sales of heavy equipment in response to a ramp up in infrastructure project execution in Qatar.
“We have continued to build on 2013’s record results, and this is due to the solid foundation we have in place with the group,” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha. “I want to thank our Board and our colleagues in the organization for their efforts in driving the strong 2014 results.”
“We are extremely pleased with our overall results, particular given where we were at the end of the first half of 2014,” said Khalifa Ali Al - Hetmi, Presid ent and CEO of Milaha. “The increase in project - related activity in Qatar improved trade volumes while the Qatar equity markets rebounded from the decline in the 2 nd quarter”.
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 servic es; shipyard; trading agencies; real estate investments ; and asset management. The legal entity, Qatar Navigation Q.S.C. (QNNS :QD ), is publically listed on the Qatar Exchange.
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