Qatar Navigation Q.P.S.C. (“Milaha”) today announced its financial results for the twelve months ended December 31, 2022.
Key financial highlights:
Milaha Maritime & Logistics’ net profit increased by QR 85 million compared to the same period in 2021, mainly due to strong container shipping rates.
Milaha Gas & Petrochem’s net profit increased by QR 70 million compared to the same period in 2021, mainly due to an increase in results from our associate companies, and gain on the sale of deep-sea vessels.
Milaha Offshore’s bottom line increased by QR 196 million compared to the same period in 2021, driven by an increase in projects and vessel utilization, coupled with a reduction in vessel impairment expense.
Milaha Capital’s net profit decreased by QR 69 million compared to the same period in 2021, due to an impairment recorded in the third quarter of 2022.
Milaha Trading’s bottom line increased by QR 7 million compared to the same period in 2021, coming from increased heavy equipment and marine-related product sales.
Commenting on the company’s financial and operational performance for the year ended December 31st, 2022, H.E. Sheikh Jassim bin Hamad bin Jassim bin Jaber Al-Thani, Milaha’s Chairman of the Board of Directors, said: “2022 marks the 65th anniversary of Milaha, and our strong financial results are a testament to our resilience, commitment to customers, and to operational excellence. All our core business segments posted strong growth, which was enabled by favorable market conditions and our strategic focus on strengthening our operational foundation. I am confident that this same foundation will help position us strongly for the future.”
Milaha’s Group Interim President & CEO, Eng. Mohammed Abdulla Swidan added “2022 was a great year for Milaha. We were awarded significant new business, which enabled us to expand our operations. And we did so while maintaining the health and safety of our colleagues, onshore and offshore. I am thankful to my colleagues who made this happen through their hard work and dedication. I am confident we can continue to deliver strong sustainable results in the years to come due to our strong balance sheet and robust operational platform.”
The Board of Directors decided to recommend to the General Assembly to distribute a 35% cash dividend of the par value of a share, equivalent to QAR 0.35 per share, representing a payout ratio of 39% of 2022 net profit.
The Board of Directors invites all Shareholders to the Ordinary and Extraordinary Annual General Assembly meeting, that will be held on Sunday, March 12, 2023, at the Company’s Head Office, located in Ein Khaled (Industrial Area No. 523, Area 56, Zone E). In-person registration will begin one hour before the meeting at 4:30 pm, during which those registered can receive a Zoom link to attend the meeting. The meeting will begin at 5:30 pm after registration is complete.
The company will conduct an investor conference call on Thursday, February 16th, 2023 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: 7168746. Further information can be found on our website www.milaha.com.