Milaha (QNNS) Q3 2025 earnings summary

Executive summary

• Operating revenues for the nine months ended 30 September 2025 rose 15% year-over-year to QR 2,457,959 thousand, with net profit up 15% to QR 1,058 billion and EPS increasing to 0.93 from 0.81.

• All major business segments contributed to growth, notably Offshore, Gas & Petrochem, and Maritime & Logistics.

• Non-operating profit increased, driven by gains on asset disposals and higher results from associates.

• Total comprehensive income attributable to equity holders reached QR 997,225 thousand, up from QR 597,647 thousand year-over-year.

Financial highlights

• Operating profit before impairments rose 16% to QR 516 million, with net profit margin and gross margin improving year-over-year.

• Maritime & Logistics revenue increased by QAR 41 million, driven by higher freight rates in container shipping.

• Offshore segment revenue surged 30% year-over-year, supported by new project work and vessel additions.

• Gas and Petrochem revenue rose 31%, mainly due to full ownership of two VLGCs and higher dividends from LNG JVs.

• Trading segment revenue was flat or up slightly, but higher costs led to a net profit decline.

• Capital segment revenues fell 10%, with lower investment income and real estate impairment.

Segment performance

• Maritime & Logistics: Revenue up to QR 661 million, net profit up 41%, with increased costs from chartered vessels and crewing.

• Offshore: Revenue up 30% to QR 320 million, net profit up 41%, with growth from new vessels and increased project income.

• Gas and Petrochem: Revenue up 31% to QR 1,381,684 thousand, net profit up 21%, with QR 83-84 million gain from VLGC vessel sale.

• Trading: Revenue up 2% or flat, net profit down due to higher COGS and lower heavy equipment sales.

• Capital: Revenue down 10%, net profit down 16%, impacted by lower dividends, investment returns, and real estate impairment.