Milaha Net Profit Down 33.8% to QR470 Million; Board Recommends 35% per Share in Cash Dividends

February 28, 2018

Milaha’s net profit amounted to about QR470 million in 2017, compared to QR711 million in 2016. The company’s earnings per share recorded QR4.14, compared to QR6.26 for the previous year. The Board recommended the distribution of QR3.5 per share in cash dividends.

The Group’s Comments:

Milaha’s revenues declined by 2.4% to QR2.49 billion in 2017, and operating profit decreased by 19.3% to QR448.2 million. After adding the company’s share in the profits of associates and subsidiaries represented by QR388.1 million, and deduct the net financing cost of QR52 million and the depreciation in the value of vessels that amounted to QR283.3 million, the result is a drop in the net profit of 34% to QR469.8 million. There was a fair value loss on available-for-sale financial assets of QR704.6 million, which resulted in the net profit turning into a comprehensive loss of QR234.5 million, against a comprehensive income of QR1,093 million in the previous year.