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, led by Offshore & Marine and Gas & Petrochem segments.

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

• Strategic divestment from volatile VLGC business in Gas & Petrochem segment, with full ownership and subsequent divestment resulting in one-off gains.

• Maritime and logistics faced headwinds from low container shipping rates, intense competition, and increased expenses from new vessels.

• All major business segments contributed positively, except for one segment with a minor decline.

Financial highlights

• Operating revenues rose 17% to QAR 3.3 billion from QAR 2.8 billion year-over-year.

• Operating profit increased 25% to QAR 669 million from QAR 536 million.

• Net profit grew 13% to QAR 1.27 billion from QAR 1.12 billion.

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

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

Outlook and guidance

• Container shipping rates expected to remain volatile due to geopolitical, economic, and global trade factors.

• Offshore segment projected to drive growth for the next 2–5 years, supported by long-term contracts and robust oil & gas activity.

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

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