Milaha (QNNS) Q3 2026 earnings summary

Executive summary

• 9M revenue and operating profit rose YoY, while net profit and EPS declined; segment performance varied sharply.

• Q3 profit reached QR 415.6m versus QR 385.1m a year earlier; Maritime & Logistics delivered record profit despite regional disruption.

Financial highlights

• 9M operating revenue was QR 2,619.4m versus QR 2,458.0m; operating profit was QR 546.0m versus QR 515.7m.

• 9M net profit was QR 958.3m versus QR 1,055.7m; EPS was QR 0.84 versus QR 0.93.

• 9M profit before tax was QR 954.3m versus QR 1,106.7m; prior-year disposal gains were QR 87.4m versus QR 2.6m in 2026.

• Cash from operating activities was QR 714.0m versus QR 927.0m; cash and cash equivalents rose to QR 446.5m from QR 272.1m at year-end 2025.

• Total assets at 30 September were QR 20,919.3m and total equity QR 18,958.7m.

Outlook and guidance

• Container shipping and freight logistics momentum may continue through Q4, but rates, shipping networks and project cargo flows remain dependent on conflict developments and supply-chain normalization.

• Offshore Support, Harbor Operations and Industrial Logistics expect recovery after conflict ends and oil & gas production resumes; some vessels and projects remain below full capacity or delayed.

• LNG carriers, the long-term contracted FSO and the Nakilat stake are expected to provide stable earnings; Gas & Petrochem is expected to see limited volatility.

• Marine & Technical Services expects recovery when vessel calls normalize and the Strait of Hormuz reopens; Capital expects stable real estate results and continued portfolio yield enhancement.

• Committed CapEx will continue into Q4; no detailed 2027 CapEx guidance was provided amid uncertainty.