Qatar Navigation (Milaha) last year achieved a net profit of QAR 711 (US$ 195.25) million on revenues of QAR 2.55 billion (US$ 700 million). While both of these figures are down on 2015 levels, they represent a solid performance in demanding market conditions.
Milaha Maritime & Logistics’ net profit was QAR 144 (US$39.54) million for the year ended 2016 compared to QAR 264 (US$US$72.5) million reported the previous year, 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. The company’s container business suffered from rate pressure, but still managed to grow its market share and volumes.
Milaha Gas & Petrochem’s net profit was QAR 415 (US$113.96) million for the year ended 2016 compared to QAR 457 (US$125.5) million reported 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 ownership in two LNG carriers – Milaha Ras Laffan and Milaha Qatar – from 40% to 100% in 2015.
Milaha Offshore recorded a net loss of QAR 115 (US$31.58) million for the year ended 2016 compared to a net profit of QAR 93 (US$ 25.54) million for the year ended 2015, with one time impairments amounting to QAR 161 (US$ 44.21) million being the primary driver of the net loss. Operationally, reduced exploration and production spending by both international and national oil companies contributed to a historically-depressed market environment.
H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors, said: “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.”