Qatar navigation discloses QR 835m net profit

Qatar Navigation Company (Milaha) disclosed Thursday the financial statements for the year ended December 31, 2012.The financials revealed a net profit of QR 835 Million in 2012 versus QR 711 Million in 2011.The Earnings per share (EPS) amounted to QR. 7.31 for 2012 compared to QR. 6.21 in 2011.The Board of Directors approved to recommend to the General Assembly to approve distribution of cash dividend totaling (37.5 %) of the capital to the shareholders, equivalent to (3.75) Qatari Riyal per share.Milaha’s Maritime & Logistics segment net profit strongly improved over 2011 , driven largely by port servicesand container feeder transport activities .A one-time income related to an increased stake in 2 LNG carriers boosted the net profit of the Gas & Petrochem segment relative to 2011 by 5%. Net profit for Milaha’s Offshore segment declined by 26 % relative to 2011, largely due to unforeseen operation al issues in the first quarter of 2012.Milaha Capital’s profit rose 43%, mainly on the back of investment sales and increased gains from the Company’s portfolio.The company will conduct an investor conference call on Wednesday, March 20th, 2013 at 3 pm Doha time, to further discuss its results. The conference call, organized by QNB Financial Services.It is worth to mention that Qatar Navigation Company was established in July 1957 as the first public shareholding company registered in Qatar and holds commercial registration No. 1.Milaha’s current activities include marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management