Milaha Profit Down for 2016

Photo: Qatar Navigation (Milaha)

By Aiswarya Lakshmi

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.

Feb 26, 2017

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