Milaha Net Profit in 2016 Fall 35% to QR 711 Million  
The Board recommends distributing a cash dividend of QR 3.5 per share
 
February 27, 2017  
 
Net profit for Qatar Navigation (Milaha) in 2016 amounted to about QR 711 million compared to a net profit of QR 1,095 million in the corresponding period last year. Earnings per share stood at QR 6.26 in the financial year ended 31.12.2016 versus QR 9.63 in the corresponding period in 2015.
 
The Board of Directors to recommended distributing a cash dividend of 35% of the nominal value of the shares.
 

The Group Securities Comment:
Milaha operating profit in 2016 fell as a result of performance slowdown in the fourth quarter of the year . While the company achieved a profit of QR 351.8 million in the first quarter and QR 200.9 million in the second quarter and QR 206 million in the third quarter, it suffered a loss of QR 47.3 million in the fourth quarter. Thus, the net profit for the year fell by 35% to QR 711.4 million. The company’s loss in the fourth quarter was a result of a general decline in its activities, particularly in maritime and services sector. Detailing such situation, we point out to the decline in operating income in 2016 which increased by 14.5% to QR 2.55 billion.  After deducting expenses of all kinds, the net profit fell by 35% to QR 555.2 million. On adding and deducting other items, the most important being adding its stake from revenues    of associate companies worth QR 296 million, depreciation of ships value and business contract of QR 160.7 million, the net profit attributable to shareholders decline to QR 711.5 million. There were gains in the comprehensive income worth QR 382 million raising it to QR 1085.5 million, compared with QR 861 million in the corresponding period last year