Milaha (QNNS) Q1 2025 earnings summary

Executive summary

• Q1 2025 net profit attributable to equity holders rose to QR 374 million, up 3% year-over-year from QR 365 million in Q1 2024, with operating revenues up 2% to QR 759 million and EPS increasing to QR 0.33 from QR 0.32.

• Segment results were mixed: Maritime & Logistics and Offshore posted strong gains, while Capital and Trading saw declines.

• Total comprehensive income declined to QR 108.2 million due to significant other comprehensive losses.

Financial highlights

• Operating profit reached QR 212 million, up from QR 208 million in Q1 2024.

• Operating revenues: QR 759 million (Q1 2025) vs QR 747 million (Q1 2024), up 2%.

• Net profit: QR 374 million (Q1 2025) vs QR 365 million (Q1 2024), up 3%.

• Non-operating profit increased to QR 162 million from QR 157 million year-over-year.

• Dividends paid during the quarter totaled QR 454.5 million.

Segment performance

• Maritime & Logistics revenue increased by QAR 56 million to QAR 221 million, driven by new China service and higher logistics volumes.

• Offshore revenue up QAR 28 million (8%) year-over-year, with net income up QAR 8 million (12%) due to fleet expansion and project work.

• Gas & Petrochem net profit rose by QAR 1 million to QAR 187 million, with offsetting one-off items.

• Trading revenue slightly up to QAR 48 million, but segment posted a QAR 5 million loss due to higher costs.

• Capital segment revenue fell 22% (QAR 37 million), mainly from lower Qatar Quarries sales and reduced dividend income; net profit down QAR 29 million.