Milaha (QNNS) Q3 2025 earnings summary

Executive summary

• Operating revenues for the nine months ended September 30, 2025, rose 15% year-over-year to QR 2,458 million, with net profit up 15% to QR 1,058 million and EPS increasing to 0.93 from 0.81.

• All major business segments contributed to growth, with notable gains in 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, compared to QR 597,647 thousand year-over-year.

• Operating profit increased 16% to QR 516 million for the period.

Financial highlights

• Maritime & Logistics revenue increased to QR 661 million, driven by higher freight rates.

• Offshore segment revenue surged 30% to QR 320 million, supported by new project work and vessel additions.

• Gas and Petrochem revenue rose 31% to QR 1,381,684 thousand, mainly due to full ownership of two VLGCs and asset sales.

• Trading segment revenue was flat at QR 154 million, with a slight drop in net profit.

• Capital segment revenues dropped 10% to QR 34 million, with net profit down by QR 41 million.

Outlook and guidance

• Maritime & Logistics and container shipping face uncertainty in shipping rates due to global trade and tariff issues.

• Offshore and harbor operations expect continued growth, supported by Qatar's oil & gas expansion and long-term contracts.

• Gas and Petrochem expected to remain stable due to long-term contracts after exiting VLGC business.

• Trading will focus on profitable growth and margin improvement; Capital will emphasize yield enhancement and stable results.

• Management is assessing the impact of new accounting standards to be adopted in future periods.