Milaha (QNNS) Q3 2024 earnings summary

Executive summary

• Net profit for the nine months ended September 30, 2024, rose 5% year-over-year to QAR 917 million, with a strong Q3 recovery despite a 4% decline in operating revenues to QAR 2.13 billion.

• Earnings per share increased to QAR 0.81 from QAR 0.77 year-over-year.

• Segment results were mixed: Gas & Petrochem and Capital posted higher profits, while Maritime & Logistics, Offshore, and Trading saw declines.

Financial highlights

• Operating profit increased 10% to QAR 445 million from QAR 404 million year-over-year.

• Net profit attributable to equity holders was QAR 917 million, up from QAR 870 million year-over-year.

• Operating revenues declined by 4% to QAR 2.13 billion.

• Significant one-time gain of QAR 1,957 million from disposal of property, vessels, and equipment.

Outlook and guidance

• Container shipping rates expected to remain under pressure due to global demand and new vessel supply, but new China services may provide uplift.

• Offshore segment anticipates long-term growth from Qatar's oil and gas expansion, with stable revenue expected in harbor operations.

• Gas & Petrochem expected to remain stable due to long-term contracts, except for the volatile VLGC JV.

• Trading and capital segments will focus on profitable growth, margin improvement, and yield enhancement.