Milaha Maritime & Logistics’ net profit was QAR144m for the year ended 2016 compared to QAR 264m reported the previous year, mainly as a result of lower revenue from its port services unit.
The unit was affected by a drop in storage and general/bulk cargo revenue, and rate pressure in our container shipping unit, which still managed to grow its market share and volumes.
Milaha Gas & Petrochem’s net profit was QAR415m for the year ended 2016 compared to QAR457m reported the previous year, mainly due to a slump in both tanker and gas carrier charter rates.
The decline was partially offset by the full year impact of increasing our ownership in two LNG carriers – Milaha Ras Laffan & Milaha Qatar – from 40% to 100% in 2015.
The Board of Directors decided to recommend to the General Assembly to distribute a 35% cash dividend, equivalent to QAR3.5 per share.
“2016 was a profitable year for Milaha despite the challenging business environment. Our strong balance sheet and formidable asset portfolio will allow us to continue executing our long-term growth strategy and expanding our presence in Qatar and beyond,” said H.E. Sheikh Ali bin Jassim Al Thani, chairman Milaha.
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