Milaha (QNNS) Q2 2026 earnings summary

Executive summary

• Operating revenue for H1 2026 rose 6% year-over-year to QR 1,683 million, but net profit declined 19% to QR 543 million due to higher expenses and lower segment profitability.

• Maintained operational resilience and client service despite ongoing regional conflict, prioritizing staff safety and business continuity.

• Regional conflict and the closure of the Strait of Hormuz significantly impacted logistics, offshore, and port operations, leading to disruptions and increased costs.

• Total comprehensive income declined to QR 526 million from QR 546 million year-over-year.

Financial highlights

• Operating revenue increased from QR 1,593 million in H1 2025 to QR 1,683 million in H1 2026.

• Operating profit fell 25% to QR 265 million from QR 354 million year-over-year.

• Net profit attributable to equity holders dropped from QR 672 million to QR 542 million year-over-year.

• Earnings per share decreased to QR 0.48 from QR 0.59 year-over-year.

• Operating expenses rose to QR 1,419 million, up from QR 1,239 million in H1 2025.

Outlook and guidance

• Maritime & Logistics expects growth via new clients and innovative supply chain solutions, despite ongoing regional conflict.

• Offshore and industrial logistics anticipate strong recovery post-conflict but will underperform until then.

• Gas & Petrochem expects stable revenue from wholly owned LNG vessels and FSO, but uncertainty remains for LNG JVs if the Strait of Hormuz closure persists.

• Marine & Technical Services will focus on cross-selling and expanding its platform, with mixed performance due to fewer vessel calls but an active shipyard.

• Capital segment expects stable real estate results but reduced dividend income from local equities.