Milaha has reported a net profit of QR711mn on operating revenue of QR2.55bn, translating into earnings-per-share of QR6.26 in 2016.
The company has recommended 35% cash dividend to be approved by shareholders at an annual general assembly meeting to be held later.
“2016 was a profitable year for Milaha despite the challenging business environment. Our strong balance sheet and formidable asset portfolio will allow us to continue executing our long-term growth strategy and expanding our presence in Qatar and beyond,” Sheikh Ali bin Jassim al-Thani, Milaha chairman said.
Milaha Maritime and Logistics’ net profit was QR144mn in 2016 compared to QR264mn a year-ago, mainly as a result of lower revenue from its port services unit, which was affected by a drop in storage and general/bulk cargo revenue, and rate pressure in container shipping unit, which still managed to grow its market share and volumes.
Milaha Gas and Petrochem’s net profit was QR415mn in 2016 against QR457mn the previous year, mainly due to a slump in both tanker and gas carrier charter rates. The decline was partially offset by the full-year impact of increasing its ownership in two liquefied natural gas carriers – Milaha Ras Laffan and Milaha Qatar – from 40% to 100% in 2015.
Milaha Offshore recorded a net loss of QR115mn in 2016 compared to a net profit of QR93mn for 2015, mainly due to one-time impairments of QR161mn.
Operationally, reduced exploration and production spending by both international and national oil companies contributed to a historically-depressed market environment, its spokesman said.
Milaha Capital’s net profit for 2016 inched up 1% higher than the profit reported in 2015, with both its financial investments as well as its real estate arms holding steady in a volatile year.
Milaha Trading’s net profit was QR8mn in 2016 against QR24mn in the previous year because of a “significantly” weaker market for commercial trucks and heavy equipment, which in turn was due to a slowdown in new construction projects in Qatar during 2016.
“Despite the multiple macroeconomic and sector-specific challenges we faced in 2016, operationally, we had an even better year as we entered new markets, enhanced and increased our service offerings across several sectors, and added new assets to our portfolio,” according to Abdulrahman Essa al-Mannai, Milaha president and chief executive.
Sheikh Ali and al-Mannai: Long-term growth strategy.
