Qatar Navigation (Milaha), a maritime and logistics conglomerate based in Qatar, has reported a net profit of $195 million for the year ended December 31, 2016 compared to $300 million reported the previous year.
The fall in the profit was mainly as a result of lower revenue from our Port Services unit, which was affected by a drop in storage and general/bulk cargo revenue, and rate pressure in our Container Shipping unit
, which still managed to grow its market share and volumes.
Milaha said its operating profit hit QR555 million compared to QR855 million reported the previous year. The company registered an operating revenue of QR2.551 billion compared to QR2.9 billion the previous year.
The Board of Directors decided to recommend to the General Assembly
to distribute a 35% cash dividend, equivalent to QAR 3.5 per share.
According to Reuters calculations Milaha swung to a loss in the fourth quarter. Net loss of 47.7 million riyals ($13.1 million) in the three months ending Dec. 31 versus profit of 135.9 million riyals a year earlier. Reuters calculated based on financial statements in lieu of a quarterly breakdown.
Milaha Offshore recorded a net loss of QAR 115 million for the year ended 2016 compared to a net profit of QAR 93 million for the year ended 2015,
“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,” said H.E. Sheikh Ali bin Jassim Al Thani
, Chairman of Milaha’s Board of Directors.