Milaha Reports 32.8% Q4 Net Profit Increase
Qatar Navigation (Milaha) Q.S.C. increased fourth quarter net profit 32.8 percent, the company announced today in its 2014 financial results. It will pay a 55% cash dividend for 2014, a value of 5.5 Qatari Rials ($1.51) per share.
The company said it increased its net profit 10% in 2014 over 2013, from QR950 million ($260 million) to QR1.059 billion ($290 million).
The company also increased operating revenues 14% over 2013
The Gas & Petrochem segment had an extremely strong year relative to 2013, as VLGC market rates hit record highs, and product tankers profits benefited from higher freight rates.
Milaha’s Maritime & Logistics segment’s net income declined slightly relative to 2013, driven mostly by one-time, non-operational expenses related to vessel impairments.
Milaha’s Offshore segment declined significantly year on year, as Halul Offshore faced unexpected vessel off hires, along with delays in the delivery and deployment of new vessels, driving higher operating expenses without matching revenue increases.
Milaha Capital outperformed an already strong Qatari stock market to drive an increase in net profits year on year.