Qatar Navigation Q.P.S.C. (“Milaha”) announced its financial results for the twelve months ended December 31, 2021.
Key financial highlights:
• Operating revenues of QR 2.78 billion for the twelve months ended December 31, 2021, compared to QR 2.27 billion for the same period in 2020
• Operating profit before impairments of QR 253 million for the twelve months ended December 31, 2021, compared to QR 279 million for the same period in 2020
• Net profit of QR 724 million for the twelve months ended December 31, 2021, compared to QR 59 million for the same period in 2020
• Earnings per share of QR 0.64 for the twelve months ended December 31, 2021, compared to QR 0.05 for the same period in 2020
Milaha Maritime & Logistics’ net profit increased by QR 121 million compared with the same period in 2020. Strong container shipping rates coupled with network optimization measures improved profitability.
Milaha Gas & Petrochem’s net profit increased by QR 72 million compared with the same period in 2020 driven mainly by higher results from our joint venture and associate companies.
Milaha Offshore’s bottom line increased by QR 438 million compared with the same period in 2020. The improvement was mainly attributable to a decrease in vessel impairments.
Milaha Capital’s net profit increased by QR 34 million compared with the same period in 2020. The net increase is mainly due to a reduction in impairments.
Milaha Trading’s bottom line decreased by QR 1 million compared with the same period in 2020. Despite increased heavy equipment and bunker sales, margin erosion brought overall performance down.
Commenting on the company’s financial and operational performance for the year ended December 31st, 2021, H.E. Sheikh Jassim bin Hamad bin Jassim Jaber Al-Thani, Milaha’s Chairman of the Board of Directors, said: “Milaha displayed strength and resilience in response to the global challenges and business disruptions faced in 2021. Our focus on our core business was demonstrated in our strong performance, on both financial and operational levels.”
Milaha’s President and CEO, Abdulrahman Essa Al-Mannai said: “Despite the continued challenges and complex disruptions to the global supply chains, we were able to make significant strides, as we capitalized on the growing global demand for shipping services and strong market conditions. Our achievements are a strong testament to our dedication towards improving operational competitiveness, ensuring business continuity, and protecting our employees.”
The Board of Directors decided to recommend to the General Assembly to distribute a 30% cash dividend of the par value of a share, equivalent to QAR 0.30 per share, representing a payout ratio of 47% of 2021 net profit.
The Board of Directors has invited all Shareholders to the Ordinary General Assembly meeting, that will be held on Sunday, March 6, 2021 at the Company’s Head Office, located in Ain Khaled (Industrial Area No. 523, Area 56, Zone E), where in-person registration will begin one hour before the meeting at 3:30 p.m., and the meeting will begin at 4:30 p.m. (via Zoom app) after the registration is complete. The Zoom Meeting link will be announced within the coming period.
Source: Milaha