Qatar Navigation Q.P.S.C., commonly known as Milaha, continues to make headlines with impressive achievements in the maritime and logistics industry. From record-breaking financial growth to exceptional safety milestones and groundbreaking partnerships, Milaha is reinforcing its leadership in Qatar’s economic and industrial landscape.
Financial Growth: A Strong Performance in 2024
Milaha reported a net profit of QAR 1.122 billion for the year ending December 31, 2024, marking a 9% increase from QAR 1.030 billion in the previous year. The company’s operating revenues reached QAR 2.840 billion, with an operating profit before impairments of QAR 536 million. Earnings per share also improved, rising from QAR 0.91 in 2023 to QAR 0.99 in 2024.
This financial success was driven by strong performance across different business segments:
- Maritime & Logistics: Increased profitability due to new shipping routes and services.
- Gas & Petrochem: Higher profits thanks to strong joint ventures.
- Offshore: Improved margins and growth in Qatar’s oil and gas sector.
- Trading: Declined slightly due to lower heavy equipment sales.
- Capital: Slight dip due to real estate impairments despite higher investment income.
To reward shareholders, Milaha’s Board of Directors recommended a 40% cash dividend payout, equivalent to QAR 0.40 per share.
Safety Excellence: Three Years Without an Incident
Milaha has demonstrated an outstanding commitment to safety. The company, in collaboration with QatarEnergy LNG, celebrated three years of operations without a Lost Time Incident (LTI) at QatarEnergy LNG’s Shorebase in Ras Laffan (South Operations). This milestone includes nearly one million safe lifts, over 4.5 million tonnes of material transported, and more than four million work hours without a single lost-time injury. This achievement reflects the company’s dedication to ensuring a secure working environment for all employees and partners.
Strategic Partnerships and Key Contracts
Milaha has strengthened its position in the industry with several major contracts and collaborations:
- QAR 1.4 Billion EPCI Contract with QatarEnergy: Milaha secured a five-year contract to provide Engineering, Procurement, Construction, and Installation (EPCI) services for offshore projects. This is the largest single contract in the company’s recent history.
- Development of ‘Marsa’ Yachts and Ships Yard: In partnership with the Qatar Free Zones Authority (QFZ), Milaha is investing QAR 80 million in a state-of-the-art maritime facility at ‘Marsa.’ Covering 22,000 square meters, this initiative aims to position Qatar as a global maritime hub.
- $217 Million Deal with North Oil Company (NOC): Through its subsidiary, Halul Offshore Services, Milaha secured a 10-year contract for the operation of Milaha Al Shaheen, Qatar’s first self-elevating, self-propelled jack-up barge. This contract enhances Qatar’s offshore infrastructure, reinforcing its role in oil and gas exploration.
Commitment to Sustainability and Innovation
Milaha continues to invest in sustainability and technological advancements:
- Eco-friendly Operations: The Milaha Al Shaheen barge adheres to high environmental standards, supporting Qatar’s sustainability goals.
- AI and Data Expansion: Milaha has strengthened its partnership with Google Cloud to integrate data-driven solutions and artificial intelligence, boosting operational efficiency and innovation.
Looking Ahead
Milaha’s strategic initiatives, financial growth, and commitment to safety and sustainability make it a key player in Qatar’s maritime and logistics sector. With continuous investments and strong partnerships, the company is well-positioned to drive future growth and contribute to the country’s economic development.
As Milaha navigates new opportunities, its focus remains on operational excellence, industry leadership, and innovation, ensuring it continues to shape the future of Qatar’s maritime industry.
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