Milaha 2014 net profit up 10.42% to QR1.049bn

Qatar Navigation Company's (Milaha) net profit of QR 1.049 Billion for the financial year ended December 31, 2014 is 10.42% % increase compared to QR 950 Million for the same period in 2013.
Set up in 1957 and Qatar's first public sharing holding company, Milaha's Earnings per Share (EPS) amounted to QR 9.23 in 2014 compared to QR 8.33 in 2013.
Company directors have recommended cash dividend of 55% of its share's par value of, or QR 5.5 per share.
The company which is in the business of transporting gas and petroleum products besides other offshore and inshore services said its operating revenues of QR 2.63 Billion this year is a growth of 14% compared to QR 2.30 Billion for the same period in 2013.
Its operating profit of QR 648 Million increased from QR 644 Million in 2013.
Commenting on the good performance Milaha Chairman and Managing Director Sheikh Ali bin Jassim Al Thani said, "We have continued to build on 2013's record results. This is due to the solid foundation we have in place with the group." Milaha President and Chief Executive Officer Khalifa Ali Al-Hetmi said, "We are extremely pleased with our overall results, particular given where we were at the end of the first half of 2014.
"The increase in project-related activity in Qatar improved trade volumes while the Qatar equity markets rebounded from the decline in the 2nd quarter."
 Milaha said the good results ride on gas and petrochem segment which had "an extremely strong year compared to 2013".
Very Large Gas Containers (VLGC) market rates hit record highs, significantly boosting the bottom line, and tankers posted much higher profit due to higher freight rates, the company said.
Milaha's Maritime and Logistics segment's net income declined slightly compared to 2013, driven mostly by one-time, non-operational expenses related to vessel impairments.
Milaha's Offshore segment "declined significantly year-on-year, as Halul Offshore faced unexpected vessel offhires, along with delays in the delivery and deployment of new vessels, driving higher operating expenses without matching revenue increases".
Milaha Capital outperformed an already strong Qatari stock market to drive an increase in net profits year on year.
Milaha Trading's net profit increased significantly relative to 2013 due to a boost in sales of heavy equipment in response to a ramp up in infrastructure project execution in Qatar.
Milaha is involved in the business of moving in VLGC gas and petrochem products, offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management.