By: Eman Ghaly

Doha – Mubasher: Financial data by Qatar-listed transport companies showed a sharp drop in profits attributable to shareholders in the fourth quarter of 2016 by 51.6%, compared to figures from the same period in 2015.

Profits by Qatar’s three listed transport firms, namely Qatar Navigation (Milaha), Gulf Warehousing, and Qatar Gas Transport (Naqilat), reached a combined total of QAR 326.15 million ($89.52 million) in Q4-16, down from QAR 674.4 million ($185.11 million) in the year-ago period, according to statistics by Mubasher.

The three companies also posted a combined profit of QAR 1.87 billion ($513.29 million) in 2016, down 17.3% from QAR 2.26 billion ($620.34 million) in 2015.

Milaha suffered QAR 47.54 million ($13.05 million) in losses in Q4-16 against profits of QAR 135.53 million ($37.2 million) in the corresponding period of 2015. Meanwhile, its annual profits dropped 35.3% in 2016 to QAR 711.46 million from QAR 1.095 billion the year before.

On the other hand, Naqilat recorded the largest portion of the sector’s profits, after achieving QAR 206.4 million in Q4-16. Its annual profits of QAR 954.18 million represent 51% of the sector’s profits for 2016.

Gulf Warehousing’s profits increased 11% and 11.11% in Q4-16 and in 2016, respectively.

Milaha’s 35% cash dividend distribution was the largest amongst its peers in the sector, whereas Naqilat’s was the lowest with 1%.

It is worth noting that the number of Qatar-listed companies that have disclosed their financials for Q4-16 to-date reached 35 companies, with a combined profit of QAR 6.54 billion, down 11.6% from QAR 7.4 billion in the same period in 2015.

Translated by: Nada Adel Sobhi