Milaha Reports Net Profit of QAR 711 Million for Full Year 2016

Qatar Navigation (Milaha) Q.P.S.C. announced its economic results for the year ended December 31, 2016. The company declared a net profit of QAR 711 million for 2016 on revenues of QAR 2.55 billion.

Key monetary highlights:
Operating income for the year finished December 31, 2016 was QAR 2.551 billion, as compared to QAR 2.984 billion reported the previous year.
Operating earnings for the year finished December 31, 2016 was QAR 555 million, as compared to QAR 855 million reported the previous year.
Net earnings for the year finished December 31, 2016 was QAR 711 million, compared with QAR 1.095 billion reported the previous year.
Earnings each share for the year ended December 31, 2016 was QAR 6.26, as compared to QAR 9.63 reported the previous year.
The Board of Supervisors made a decision to recommend to the General Setting up to disperse a 35% cash money dividend, equal to QAR 3.5 each share.

Milaha Maritime & Logistics' web profit was QAR 144 million for the year finished 2016 as compared to QAR 264 million reported the previous year, mainly as an outcome of reduced income from our Port Services unit, which was impacted by a decrease in storage space and general/bulk cargo earnings, and price stress in our Container Shipping device, which still took care of to grow its market share and quantities.

Milaha Gas & Petrochem's net profit was QAR 415 million for the year finished 2016 compared to QAR 457 million reported the previous year, generally because of a slump in both vessel and gas carrier charter prices. The decrease was partly countered by the full year effect of enhancing our ownership in 2 LNG providers - Milaha Ras Laffan & Milaha Qatar - from 40% to 100% in 2015.

Milaha Offshore taped a net loss of QAR 115 million for the year finished 2016 as compared to a net revenue of QAR 93 million for the year finished 2015, with once disabilities totaling up to QAR 161 million being the key driver of the net loss for the year ended 2016. Operationally, lowered expedition and production investing by both worldwide and national oil business added to a historically-depressed market setting.

Milaha Capital's web revenue for the year ended 2016 inched up 1% higher than the earnings reported for many years finished 2015, with both its Financial Investments in addition to its Realty arms holding steady in an unpredictable year.

Milaha Trading's net profit was QAR 8 million for the year ended 2016 compared to QAR 24 million reported the previous year as an outcome of a substantially weak market for industrial vehicles and heavy devices, which then was due to a slowdown in new construction projects in Qatar throughout 2016.

" 2016 was a profitable year for Milaha despite the challenging business atmosphere. Our solid balance sheet and awesome asset profile will permit us to continue performing our long-lasting development method and increasing our visibility in Qatar and beyond," claimed H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha's Board of Supervisors.

For his part, Milaha's President and Chief Executive Officer stated: "In spite of the several macroeconomic and sector-specific difficulties we dealt with in 2016, we attained an internet earnings of QAR 711 million. Operationally, we had an even better year as we got in new markets, improved and increased our solution offerings across a number of markets, and included new assets to our portfolio."

The company will certainly perform an investor teleconference on Thursday, March Second, 2017 at 3 pm Doha time, to additionally discuss its outcomes. The teleconference could be accessed by telephone by dialing +44 (0) 1452555566 (UK and International) and getting in the Seminar ID: 76482345. Additional info can be discovered on our website www.milaha.com.