Milaha (QNNS) Q4 2024 earnings summary

Executive summary

• Net profit attributable to equity holders rose 9% year-over-year to QR 1,122 million, with EPS increasing to QR 0.99 from QR 0.91 and a proposed 40% cash dividend totaling QR 454 million.

• Operating profit before impairments increased 23% to QR 536 million, while consolidated revenue declined 3% to QR 2,840 million.

• Non-operating profit remained robust at QR 583 million, supported by strong results from associates and joint arrangements.

• Audit opinion is unqualified, with no material misstatements or regulatory violations identified.

• Total comprehensive income increased to QR 1,245.2 million, reflecting strong performance in core operations and investments.

Financial highlights

• Operating revenues were QR 2,839.8 million, a 3.5% decrease compared to 2023.

• Operating profit rose to QR 536.4 million, up 23% year-over-year.

• Net profit attributable to equity holders was QR 1,122.0 million, up from QR 1,030.2 million in 2023.

• Earnings per share reached QR 0.99, compared to QR 0.91 in 2023.

• Operating expenses decreased to QR 2,303 million from QR 2,505 million in 2023.

Segment performance

• Maritime & Logistics revenue grew 6% to QR 828 million, with net profit up 73% to QR 284 million, driven by improved container shipping rates and lower operating expenses.

• Offshore & Marine revenue fell 3% to QR 1,471 million, but net profit rose 13% to QR 206 million, aided by lower operating expenses.

• Gas & Petrochem revenue grew 1% to QR 246 million, with net profit up 8% to QR 726 million, supported by higher associate and JV contributions and one-time impairment.

• Trading segment revenue dropped 27% to QR 196 million, resulting in a QR 29 million loss, impacted by lower sales and an obsolete parts provision.

• Capital segment revenue slipped 2% to QR 429 million, with net profit down 1% to QR 236 million, affected by lower non-operating income and a real estate asset impairment.