Milaha (QNNS) Q2 2025 earnings summary

Executive summary

• Operating revenues for H1 2025 reached QR 1.593 billion, up 11% year-over-year, with net profit attributable to equity holders rising 7% to QR 672 million.

• All major business segments contributed positively, with Maritime & Logistics, Offshore & Marine, and Gas & Petrochem showing strong revenue and profit growth.

• Earnings per share for H1 2025 was QR 0.59, compared to QR 0.55 last year.

• Total comprehensive income attributable to equity holders reached QR 547.3 million, up from QR 371.5 million.

• The interim financial statements received an unqualified review conclusion from the independent auditor.

Financial highlights

• Operating profit rose 12% to QR 354 million, and net profit increased 7% to QR 672 million for the period.

• Non-operating profit remained stable at QR 316 million.

• Cash and cash equivalents at period end were QR 544.9 million, up from QR 234.4 million a year earlier.

• Net cash from operating activities was QR 604.7 million, compared to QR 239.3 million in the prior year.

• Dividends paid during the period totaled QR 454.5 million.

Outlook and guidance

• Container shipping faces uncertainty due to global trade and tariff issues, but expansion into new markets and new offerings are expected to improve results.

• Offshore & Marine anticipates steady growth, supported by Qatar oil and gas expansion and long-term contracts.

• Gas & Petrochem outlook stable due to long-term contracts and healthy VLGC rates.

• Trading and Capital segments focused on optimizing yield, margin improvement, and profitable growth.

• The group is subject to new global minimum tax regulations effective 2025, with further regulatory guidance expected.