Milaha (Qatar Navigation) has reported a 14% jump in net profit to QR949.79mn in 2013 despite shrinkage in operating revenues.

The company has however suggested 50% cash dividend which will have to be approved by shareholders at the annual general assembly meeting scheduled later.

“While the tremendous upturn in the Qatar stock market accounted for a majority of the increased profit, we had strong positive growth from some of our core businesses as well, such as offshore, container shipping and logistics,” according to Khalifa Ali al-Hetmi, President and CEO of Milaha.

Milaha capital recorded 32% growth in profit to QR388.69mn (which was 41% of the group’s total profit) on an already strong capital market, Milaha Offshore by 17% to QR166.61mn (18%) as Halul Offshore recovered from operational issues it faced in 2012 and full year effect of added vessels to the fleet. Milaha Maritime and Logistics posted 7% rise in profit to QR118.02mn (12%); while that of Milaha Trading fell 25% to QR14.46mn (2%) and Milaha Gas and Petrochem by 3% to QR260.28mn (27%).

Operating revenues fell 2% to QR2.24bn, according to its financial statement filed with the Qatar Exchange.

Milaha Capital’s operating revenue was QR610.2mn, followed by Milaha Maritime and Logistics (QR833.98mn), Milaha Offshore (QR597.49mn), Milaha Trading (QR281.2mn) and Mila Gas and Petrochem (QR177.65mn).

Although salaries, wages and other benefits rose 3% to QR58.14mn, rents by 2% to QR55.71mn and other operating costs by 11% to QR96.99mn, its operating supplies and expenses plunged 19% to QR627.7mn, leading to a 15% jump in operating profit to QR647.38mn.

“We have come a long way in the past four years since 2009, having doubled our revenue and net profit in that period...That said, we look at this year’s performance as only a foundation, and will continue to push ourselves to achieve our ambitious strategic goals over the coming years,” said Sheikh Ali bin Jassim al-Thani, chairman and managing director of Milaha.

Finance costs fell 16% to QR43.93mn and finance income by 1% to QR67.62mn.

However, gain on disposal of property, vessels and equipment more than tripled to QR13.89mn, share of results of joint ventures surged 82% to QR7.94mn and share of results of associates by 6% to QR242.3mn; whereas miscellaneous income fell 75% to QR12.86mn.

Total assets were valued at QR15.65bn, comprising current assets of QR2.79bn and non-current assets of QR12.86bn.

Total equity stood at QR12.64bn on a capital base of QR1.15bn and earnings-per-share was QR8.33 at the end of December 31, 2013.