Qatar Navigation (Milaha) on Wednesday said it recorded a net profit of QR724 million for 2021 on operating revenue of QR2.78 billion. This is a huge jump from QR59 million recorded in net profit in 2020 on revenues of QR2.27 billion.
Operating profit before impairments for 2021 stood at QR253 million, against QR279 million for the same period in 2020.
This translates to earnings per share of QR0.64 for 2021 as against QR0.05 for 2020.
Milaha Maritime and Logistics’ net profit increased by QR121 million, when compared with the same period in 2020. Strong container shipping rates coupled with network optimization measures improved profitability.
Milaha Gas and Petrochem’s net profit increased by QR72 million compared with the same period in 2020 driven mainly by higher results from our joint venture and associate companies.
Milaha Offshore’s bottom line increased by QR 438 million compared with the same period in 2020. The improvement was mainly attributable to a decrease in vessel impairments.
Milaha Capital’s net profit increased by QR 34 million compared with the same period in 2020. The net increase is mainly due to a reduction in impairments.
Milaha Trading’s bottom line decreased by QR 1 million compared with the same period in 2020. Despite increased heavy equipment and bunker sales, margin erosion brought overall performance down.
Commenting on the company’s financial and operational performance for the year ended December 31st, 2021, Sheikh Jassim bin Hamad bin Jassim Jaber Al Thani, Milaha’s Chairman of the Board of Directors, said, “Milaha displayed strength and resilience in response to the global challenges and business disruptions faced in 2021. Our focus on our core business was demonstrated in our strong performance, on both financial and operational levels.”
Milaha’s President and CEO Abdulrahman Essa Al Mannai said, “Despite the continued challenges and complex disruptions to the global supply chains, we were able to make significant strides, as we capitalized on the growing global demand for shipping services and strong market conditions. Our achievements are a strong testament to our dedication towards improving operational competitiveness, ensuring business continuity, and protecting our employees.”
The Board of Directors decided to recommend to the General Assembly to distribute a 30 percent cash dividend of the par value of a share, equivalent to QR0.30 per share, representing a payout ratio of 47 percent of 2021 net profit.
The Board of Directors has invited all Shareholders to the Ordinary General Assembly meeting, that will be held on March 6 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 3:30 pm, and the meeting will begin at 4:30 pm (via Zoom app) after the registration is complete. The Zoom meeting link will be announced within the coming period.
The company will conduct an investor conference call on Thursday (February 10) at 2pm Doha time, to further discuss its results. The conference call may be accessed by telephone by dialling Qatar Toll Free Number: 00 800 100 443 and entering the Conference ID: 1685940.