Milaha (QNNS) Q4 2025 earnings summary

Executive summary

• Achieved record-breaking year in 2025, with consolidated revenue up 17% and net profit attributable to equity holders rising 13% year-over-year; all major segments except one posted growth.

• Offshore & Marine led performance with over 50% net income growth and margin expansion, supported by new vessels and project income.

• Gas & Petrochem and Trading segments also contributed positively, with Gas & Petrochem benefiting from full VLGC ownership and strategic divestment.

• Maritime & Logistics faced headwinds from low container shipping rates and intense competition, though revenue and net profit still increased.

Financial highlights

• Operating revenue rose 17% to QAR 3.3 billion in 2025 from QAR 2.8 billion in 2024.

• Operating profit increased 25% to QAR 669 million; net profit attributable to equity holders up 13% to QAR 1.27 billion.

• Earnings per share reached QAR 1.12, up from QAR 0.99 year-over-year.

• Significant non-operating gains included QAR 88 million from disposal of property, vessels, and equipment.

Outlook and guidance

• Offshore expected to drive growth for the next 2–5 years, supported by large CapEx and long-term contracts.

• Maritime & Logistics rates to remain volatile due to geopolitical and economic factors; new products and services expected to improve results.

• Gas & Petrochem and Capital segments expect stable revenue due to long-term charters and steady investment returns.

• Trading segment focused on margin improvement and growth in marine services.