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 2,458 million.

• Net profit attributable to equity holders increased 15% to QR 1,058 million, with EPS rising to 0.93 from 0.81 year-over-year.

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

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

• Total comprehensive income attributable to equity holders reached QR 997 million, up from QR 598 million year-over-year.

Financial highlights

• Operating profit before impairments increased 16% to QR 516 million.

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

• Net gain on disposal of property, vessels & equipment surged to QR 87 million from QR 7 million last year.

• Cash and cash equivalents at period end were QR 343 million, up from QR 290 million a year earlier.

• Net cash flows from operating activities were QR 927 million, compared to QR 606 million in the prior year period.

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 and exit from 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.