Milaha registers QR59 mn net profit for 2020
QATAR Navigation (Milaha) on Tuesday announced that it registered operating revenues of QR2.27 billion for 2020, compared to QR2. 2 billion in the previous year.
The company’s operating profit for 2020 stood at QR279 million compared to QR2 million in the previous year.
The company posted a net profit of QR 9 million for 2020, compared to QR
7 in 2019, while its earnings per share for 2020 was QR0.0 compared to QR0. in 2019.
The company’s board of directors has recommended distributing a 0 percent cash dividend of the par value of a share, equivalent to QR0. per share.
Milaha Maritime Logistics’ net profit decreased by QR million compared to the same period in 2019 and was largely attributed to the COVID19 pandemic, which not only impacted shipping volumes and logistics work but also increased health and safety expenses.
Milaha Gas Petrochem’s operating profit increased 11 percent in 2020 against 2019 to QR112 million, driven by both an increase in revenue and a drop in overall expenses. Net profit for the segment, however, dropped by QR million compared to 2019, as a result of a loss recorded in one of our joint venture companies.
Milaha Offshore’s operational performance remained strong despite logistical challenges and additional expenses brought on by the COVID-19 pandemic. Segment results, however, were brought down by QR million in increased vessel impairments compared to 2019, resulting in a QR million net loss.
Milaha Capital’s revenue decreased by QR 2 million and net profit by QR122 million compared to the same period in 2019. Onetime gains and impairments recorded in 2020 netting to a decline of QAR 1 million, coupled with lower rental income brought overall performance down.
Milaha Trading’s revenue decreased by QR million, with the bottom line remaining at as compared to 2019.
Commenting on the results, Milaha Chairman Sheikh assim bin Hamad bin assim aber Al Thani said, “The year 2020 was a challenging year but our resilience and dedication have helped us achieve good operational results despite the low asset values for 2020. We have been focused and dedicated to setting the company up for future growth and have never been in a better position to reap the benefits.”
Milaha’s President and CEO Abdulrahman Essa Al Mannai said, “The company was successful in managing and mitigating the potential impact of the COVID 19 pandemic on our operations, operating cost and kept serving our clients and supporting the economy. We also continued to execute our business plans and is demonstrated in our operational as well as pre-impairment financial results. However, the exceptional market conditions mean we had to be prudent to retain our financial strength and this sets us well for 2021 and beyond.”