Milaha (QNNS) Q4 2025 earnings summary

Executive summary

• Achieved strong financial and operational performance in 2025, with net profit of QAR 1.27 billion and operating revenue of QAR 3.33 billion, up 13.3% and 17.1% year-over-year, respectively.

• Continued execution of strategy across Energy, Trade, and Defence platforms, supported by fleet expansion, digital transformation, and strategic partnerships.

• Proposed a cash dividend of QAR 0.45 per share, totaling QAR 511 million, representing a 40% payout ratio.

Financial highlights

• Net profit rose to QAR 1.27 billion from QAR 1.12 billion in 2024.

• Operating revenue increased to QAR 3.33 billion from QAR 2.84 billion in 2024.

• EBITDA reached QAR 1.3 billion, up from QAR 1.24 billion in 2024.

• Earnings per share improved to QAR 1.12 from QAR 0.99 year-over-year.

• Total CAPEX for 2025 was QAR 529 million.

Outlook and guidance

• Continued investment in offshore vessels and expansion into regional and adjacent markets planned for 2026.

• Focus on strengthening execution efficiency, completing awarded projects, and expanding operational capabilities.

• Defence platform expected to grow in importance as national requirements increase.