Milaha Net Profit Scales Up 9% To QR1.122Bn In 2024

Doha: Qatar Navigation (Milaha) yesterday announced its financial results for the year ended December 31, 2024. Milaha achieved a net profit of QR1.122bn for the year ended December 31, 2024, compared to QR1.030bn for the same period in 2023 showing a surge of 9 percent.

The earnings per share of QR0.99 for the year ended December 31, 2024, compared to QR0.91 for the same period in 2023

The operating revenues totalled QR2.840bn for the year ended December 31, 2024, compared to QR2.942bn for the same period in 2023.

While the operating profit before impairments of QR536m for the year ended December 31, 2024, compared to QR436m for the same period in 2023

Meanwhile Milaha Maritime and Logistics' net profit increased by QR45m compared to the same period in 2023, led by stronger performance from our container shipping unit from the deployment of new vessel routes & services.

Milaha Gas & Petrochem's net profit increased by QR52m compared to the same period in 2023, driven by strong results from our associate and joint venture companies.

Also, Milaha Offshore's net profit increased by QR24mcompared to the same period in 2023, driven by enhanced operating margins and strong growth in Qatar's oil & gas sector.

Milaha Capital's net profit decreased by QR3m compared to the same period in 2023, as an impairment charge in our real estate unit more than offset higher investment income.

Milaha Trading's bottom line decreased by QR27m compared to the same period in 2023,mainly as a result of declining sales of heavy equipment, bunker and related ancillary services, along with a write-down in the value of associated spare parts.

The Board of Directors decided to recommend to the General Assembly to distribute a 40 percent cash dividend of the par value of a share, equivalent to QR0.40 per share, representing a payout ratio of 40 percent of 2024 net profit.

The Board of Directors invites all Shareholders to the Ordinary Annual General Assembly meeting, that will be held on Monday, February 24, 2025, at the Company's Head Office, located in Ein Khaled (Industrial Area No. 56, Street no. 10, Zone E).

In-person registration will begin one hour before the meeting at 4:00 PM, during which those registered can receive a Zoom link to attend the meeting.

The meeting will begin at 5:00 PM after registration is complete.

The company conducted an investor conference call on Monday, February 3, 2025 at 14:00 Doha time, to further discuss its results.

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