Qatar Navigation (Milaha), one of the largest maritime and logistics companies in the Middle East has achieved strong financial results during 2021, mainly driven by the net profit, which exceeded US$198.8 million (QR724 million), while in 2020 it was US$16 million (QR59 million).
Operating revenues stood at US$763.5 million (QR2.78 billion) during the same period, compared to US$623.4 million (QR2.27 billion) in 2020.
In the meantime, a decrease was recorded in Mihala’s operating profit before impairments, which amounted to almost US$69.5 million (QR253 million), compared to US$76.6 million (QR279 million) during the previous year.
Regarding Milaha Maritime & Logistics’ net profit, it was increased by US$33.2 million (QR121 million) compared with the same period in 2020, while “strong container shipping rates coupled with network optimisation measures improved profitability.”
Furthermore, in 2021, Milaha Capital’s net profit increased by more than US$9.3 million (QR34 million) over the previous year. The net increase is mainly due to a reduction in impairments, according to the Qatari company.
Commenting on the company’s performance, H.E. Sheikh Jassim bin Hamad bin Jassim Jaber Al-Thani, Milaha’s chairman of the board of directors, said that Milaha displayed strength and resilience in response to the global challenges and business disruptions faced in 2021.
In addition, Milaha’s president and CEO, Abdulrahman Essa Al-Mannai noted that despite the continued challenges and complex disruptions to the global supply chains, the company was able to make significant strides, as it capitalised on the growing global demand for shipping services and strong market conditions.
The board of directors decided to recommend to the General Assembly to distribute a 30% cash dividend of the par value of a share, representing a payout ratio of 47% of 2021 net profit.
