Doha, Qatar, -- Qatar Navigation (Milaha) Q.P.S.C. has announced its financial results for the twelve months ended December 31, 2017. Milaha delivered a net profit of QAR 470 million for the full year of 2017.
Operating revenues decreased by 2% to QAR 2.491 billion for the twelve months ended December 31, 2017, down from QAR 2.551 billion for the same period in 2016. Operating profit decreased by 19% to QAR 448 million for the twelve months ended December 31, 2017, down from QAR 555 million for the same period in 2016. Earnings per share decreased to QAR 4.14 for the twelve months ended December 31, 2017, down from QAR 6.26 for the same period in 2016.
The Board of Directors decided to recommend to the General Assembly, which will be held at 4:00 PM on 18 March 2018 at the Four Seasons Hotel in Doha, Qatar, to distribute a 35% cash dividend, equivalent to QAR 3.5 per share.
Milaha Maritime & Logistics' net profit declined by QAR 23 million in 2017 compared to 2016, mainly due to QAR 33 million in vessel impairments in our Container Shipping unit. Excluding impairments, the segment outperformed 2016 by 7%, largely due to a strong increase in container volumes in our Port Services unit.
Milaha Gas & Petrochem's net profit declined by QAR 269 million in comparison to 2016. The shipping sectors in which we operate continued to face significant challenges in 2017, which impacted both commercial performance as well as vessel valuations.
Milaha Offshore's bottom line declined by QAR 71 million in 2017 compared to 2016 driven by the significant drop in oil prices which negatively impacted the exploration and production value chain, including offshore vessels and related services.
Milaha Capital's net income increased by QAR 129 million as a result of strong returns on our investment portfolio.
Milaha Trading's net income declined by QAR 7 million in 2017 compared to 2016, mainly as a result of reduced margins in marine fuel and lubricant sales.
"Despite the unexpected events and ongoing industry-wide challenges during the year, Milaha remained profitable in 2017 driven by a stronger operating performance in the third quarter onwards, which we believe, sets the stage for a successful 2018. Going forward, we will continue to focus on driving growth and executing on our strategic priorities,” said H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha's Board of Directors.
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