Qatar Navigation (Milaha)’s net profit has risen marginally in Q1, the company announced.
A leader in marine transportation and offshore support, it reported a net profit of QR349 million ($96 million) for the first quarter when compared to QR345 million in the same period of 2013.
Operating revenues fell to QR699 million when compared to QR703 million for the same period in 2013, essentially flat year on year. The operating profit too dropped to QR273 million from QR283 million for the same period in 2013, a decrease of three per cent year.
The company’s earnings per share was seen at QR3.08 over last year’s QR3.03 for the same period in 2013.
Milaha said its offshore unit too registered a drop in revenue and profit relative to 2013. A combination of lower vessel utilisation and delays in the delivery of one new vessel drove the decline in first quarter performance, it added.
Milaha Capital saw an increase in net profit relative to 2013, driven by dividend growth as well as a strong increase in the value of the investment portfolio.
Over the period, gains in the gas and petrochem, trading and capital segments were offset by declines in the maritime & logistics and offshore segments, said the company in a statement.
The maritime & logistics unit declined in revenues and net profit. A modest increase in import volumes was offset by a decline in export volumes from Mesaieed Port due to a plant shutdown, it stated.
In the case of its gas & petrochem arm, the revenue and net profit increased year-on-year, driven by improved earnings on the wholly-owned and operated tankers, Nakilat and Gulf LPG. In addition, the introduction of new harbour craft into the fleet boosted both revenues and earnings from port marine operations.
“Our performance was mixed in the first quarter of this year,” said Sheikh Ali bin Jassim Al Thani, chairman and managing director of Milaha. “However, we still managed to slightly increase our overall profit year-on-year,” he noted.
Milaha president and CEO Khalifa Ali Al Hetmi said: “Although we achieved slightly better results than last year, as part of our continuous improvement efforts, we are still taking active measures to help drive stronger results across our core businesses.”
NAKILAT’S PERFORMANCE
Nakilat, the Qatar Gas Transport Co (Nakilat), a Milaha subsidiary and the Middle East’s largest shipper of liquefied natural gas, reported a 16.6 per cent rise in first-quarter profit.
It realised a profit of QR206.3 million ($56.66 million) in the three months to March 31, up from QR177 million in the year-earlier period, according to a statement to Doha’s bourse.
QNB Financial Services had forecast Nakilat would make a quarterly profit of QR205.6 million.
Established in 2004 as a joint stock company, Nakilat, which is owned 50 per cent by its founding shareholders and 50 per cent by the public, has the largest LNG shipping fleet in the world, consisting of 54 LNG vessels along with four Liquefied Petroleum Gas (LPG) Very Large Gas Carriers (VLGCs). Nakilat’s LNG fleet transports gas to global markets from Qatar’s North Field, the world’s largest non-associated gas field with approximately 15 per cent of the world’s proven reserves.
