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Qatar Navigation (Milaha) has announced its financial results for the 12 months ended December 31, 2015, during which time it achieved a net profit of QR 1.095 billion (US$ 301 million). This was a modest, but still creditable 4% increase compared to the same period in 2014.
Milaha’s operating revenues increased by 14%, to QR 2.998 billion (US$ 823 million), while operating profits increased by 18% to QR 772 million (US$ 212 million). Milaha Maritime & Logistics’ revenues grew by 26% and net profits by 133%, driven by strong trade volume growth related to increased infrastructure and other project activity in Qatar. Another strongly-performing division was Milaha Gas & Petrochem, whose revenues grew by 51% and net profit by 6%, on the back of demand for its fully owned and operated product tankers and gas carriers. Milaha Offshore’s revenue grew by 21% and net profit by 5%, with stronger diving operations leading the way.
“Despite an increasingly challenging business environment, 2015 was another good year for Milaha,” said H.E. Sheikh Ali bin Jassim Al Thani, chairman of Milaha. “Our core operations have performed exceptionally well, posting double-digit revenue growth, as well as positive net profit growth.”
Given the low oil price and the weakening global economic environment, the medium term holds a number of significant challenges for Milaha. However, Sheikh Ali says, “We are confident that the foundation we have laid in the past few years will enable us not only to withstand the current headwinds, but also position us for sustainable future growth.”
Another Qatari venture, Nakilat, the shipping arm of Qatar’s liquefied natural gas (LNG) sector, also enjoyed a successful 2015. The company recorded a net profit of QR 984 million (US$ 274 million) compared to QR 895 million (US$ 245.8 million) achieved for the year 2014, a rise of about 10%.
Nakilat’s operations achieved a higher profitability level last year largely through the addition of three new LNG vessels to its fleet. Over the coming year Nakilat says it will explore new business opportunities, serving the international marine sector, and increase the utilisation of shipyard facilities at Erhama Bin Jaber Al Jalahma Shipyard.
