Milaha has reported net profit of QR59mn on operating revenues of QR2.27bn in 2020 and declared 30% cash dividend.
“2020 was a challenging year but our resilience and dedication has helped us achieve good operational results despite the low asset values for 2020," Milaha chairman Sheikh Jassim bin Hamad bin Jassim Jaber al-Thani said.
Milaha Gas and Petrochem’s operating profit jumped 114% year-on-year to QR112mn, driven by both an increase in revenue and a drop in overall expenses. Net profit for the segment, however, dropped by QR4mn compared to 2019, as a result of a loss recorded in one of its joint venture companies.
Milaha Offshore’s operational performance remained strong despite logistical challenges and additional expenses brought on by the Covid-19 pandemic. The segment results were brought down by QR345mn in increased vessel impairments compared to 2019, resulting in a QR556mn net loss.
Milaha Maritime and Logistics’ net profit decreased by QR8mn compared to the same period in 2019, and was largely attributed to the Covid-19 pandemic, which not only impacted shipping volumes and logistics work but also increased health and safety expenses.
Milaha Capital’s revenue decreased by QR52mn and net profit by QR122mn compared to the same period in 2019. One-time gains and impairments recorded in 2020 netting to a decline of QR81mn, coupled with lower rental income brought overall performance down.
Milaha Trading’s revenue was down QR86mn, with the bottom line remaining flat compared to 2019.
“The company was successful in managing and mitigating the potential impact of the Covid-19 pandemic on our operations, operating cost and kept serving our clients and supporting the economy. However, the exceptional market conditions mean we had to be prudent to retain our financial strength and this sets us well for 2021 and beyond,” according to Milaha’s president and chief executive Abdulrahman Essa al-Mannai.