Milaha Reports QAR 59m in Net Profit for Full Year 2020
Qatar Navigation (Milaha) Q.P.S.C. today announced its financial results for the twelve months ended December 31, 2020.
Key financial highlights:
• Operating revenues of QAR 2.27 billion for the twelve months ended December 31, 2020, compared to QAR 2.42 billion for the same period in 2019
• Operating profit of QAR 279 million for the twelve months ended December 31, 2020, compared to QAR 283 million for the same period in 2019
• Net profit of QAR 59 million for the twelve months ended December 31, 2020, compared to QAR 547 million for the same period in 2019
• Earnings per share of QAR 0.05 for the twelve months ended December 31, 2020, compared to QAR 0.48 for the same period in 2019
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 0.3 per share. The Board of Directors has invited all stakeholders to the Annual General Assembly, that will be held on Tuesday, 16 March 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 5:30 p.m., and the meeting will begin at 6:30 p.m. (via Microsoft Teams app) after the registration is complete. The Microsoft Teams Meeting link will be announced within the coming period.
Milaha Maritime & Logistics’ net profit decreased by QAR 8 million compared to the same period in 2019, and was largely attributed to the COVID19 pandemic, which not only impacted shipping volumes and logistics work but also increased health and safety expenses.
Milaha Gas & Petrochem’s operating profit increased 114% versus the same period in 2019 to QAR 112 million, driven by both an increase in revenue and a drop in overall expenses. Net profit for the segment however dropped by QAR 4 million compared to 2019, as a result of a loss recorded in one of our joint venture companies.
Milaha Offshore’s operational performance remained strong despite logistical challenges and additional expenses brought on by the COVID19 pandemic. Segment results however were brought down by QAR 345 million in increased vessel impairments compared to 2019, resulting in a QAR 556 million net loss.
Milaha Capital’s revenue decreased by QR 52 million and net profit by QR 122 million compared to the same period in 2019. One-time gains and impairments recorded in 2020 netting to a decline of QAR 81 million, coupled with lower rental income brought overall performance down.
Milaha Trading’s revenue decreased by QAR 86 million, with the bottom line remaining flat as compared to 2019.
Commenting on the past year’s results, H.E. Sheikh Jassim bin Hamad bin Jassim Jaber Al-Thani, Milaha’s Chairman of the Board of Directors, said: “2020 was a challenging year but our resilience and dedication have helped us achieve good operational results despite the low asset values for 2020. We have been focused and dedicated on setting the company up for future growth and have never been in a better position to reap the benefits.”
Milaha’s President and CEO, Abdulrahman Essa Al-Mannai added “The company was successful in managing and mitigating the potential impact of the COVID 19 pandemic on our operations, operating cost and kept serving our clients and supporting the economy. We also continued to execute our business plans and is demonstrated in our operational as well as pre-impairment financial results. However, the exceptional market conditions mean we had to be prudent to retain our financial strength and this sets us well for 2021 and beyond.”
The company will conduct an investor conference call on Thursday, February 25th, 2021 at 2 pm Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing Qatar Toll Free Number: 00 800 100 459 and entering the Conference ID: 3008006.