Milaha 2022 net profit jumps 40% to top QR1bn; suggests 35% dividend
February 15, 2023 | 09:58 PM
Milaha has reported a 40% year-on-year jump in net profit to QR1.01bn in 2022. The board has recommended a 35% cash dividend, representing a payout ratio of 39% of 2022 net profit. It will have to be approved by shareholders at the annual general assembly meeting scheduled to be held on March 12."All our core business segments posted strong growth, which was enabled by favourable 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," said Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani, Milaha chairman.Operating revenues stood at QR3.29bn compared to QR2.78bn in 2021. Earnings-per-share was QR0.89 in 2022 compared to QR0.64 in 2021.Milaha Maritime and Logistics’ net profit increased by QR85mn year-on-year, mainly due to strong container shipping rates.Milaha Gas and Petrochem’s net earnings rose by QR70mn on a yearly basis, mainly due to an increase in results from its associate companies, and gain on the sale of deep-sea vessels.Milaha Offshore’s bottom line increased by QR196mn year-on-year, driven by an increase in projects and vessel utilisation, coupled with a reduction in vessel impairment expense.Milaha Capital’s net profit shrank QR69mn on an annualised basis due to impairment in the third quarter of 2022.Milaha Trading’s bottom line increased by QR7mn, coming from increased heavy equipment and marine-related product sales.Terming 2022 as a great year for Milaha; its interim president and chief executive officer Mohamed Abdulla Swidan said "we were awarded significant new business, which enabled us to expand our operations...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."