Milaha’s Financial Milestone: 8.74% Profit Increase and 40% Dividend Declaration
Qatar Navigation Q.P.S.C., commonly known as Milaha, has announced a significant financial achievement for the year 2024. The company reported a net profit of QAR 1.12 billion, marking an 8.74% increase compared to the previous year. In light of this performance, Milaha’s board has proposed a 40% cash dividend of the par value, equivalent to QAR 0.40 per share.
Financial Performance Overview
Milaha’s operating revenues for 2024 reached QAR 2.84 billion, up from QAR 2.78 billion in 2023. Operating profit also saw an increase, rising to QAR 672 million from QAR 618 million in the previous year. Earnings per share improved to QAR 0.98, compared to QAR 0.90 in 2023.
Segment-wise Profit Analysis
- Maritime & Logistics: This segment experienced a net profit increase of QAR 1 million compared to 2023, driven by higher project income from shipyard operations.
- Gas & Petrochem: Net profit rose by QAR 31 million, largely due to strong results from associate companies.
- Offshore: The segment faced a net profit decrease of QAR 22 million, mainly due to necessary vessel maintenance that reduced revenues and the absence of favorable accounting adjustments recorded in 2023.
- Capital: Net profit increased by QAR 51 million, driven by higher earnings from financial investments.
- Trading: The bottom line decreased by QAR 13 million, attributed to reduced sales of heavy equipment and ancillary marine goods and services.
Dividend Distribution
Reflecting its robust financial health, Milaha’s board has recommended a 40% cash dividend of the nominal share value, translating to QAR 0.40 per share. This proposal underscores the company’s commitment to delivering value to its shareholders.
Strategic Outlook
Milaha continues to strengthen its position in the maritime and logistics sectors through strategic investments and operational enhancements. The company remains focused on leveraging growth opportunities while navigating industry challenges to sustain its upward trajectory.
About Milaha
Established in 1957, Milaha has evolved into a diversified maritime and logistics conglomerate, offering services across shipping, offshore support, port management, logistics, and asset management. The company’s consistent financial performance reflects its strategic vision and operational excellence.
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