YTD Q3 2023 Financial Summary Conference Call
Doha, Qatar
October 23, 2023
Consolidated Income Statement - YTD Q3
(All amounts in QR Millions)
2021 | 2022 | 2023 | |
Operating Revenue | 2,035 | 2,563 | 2,227 |
Salaries, Wages and Other Benefits | (454) | (472) | (469) |
Operating Supplies and Expenses | (942) | (1,237) | (964) |
Rent Expenses | (5) | (6) | (8) |
Depreciation and Amortisation | (276) | (272) | (289) |
Provision of Impairment of Trade Receivables | (13) | (25) | 3 |
Other Operating Expenses | (153) | (127) | (96) |
Operating Expenses | (1,843) | (2,139) | (1,824) |
Operating Profit before Impairments | 192 | 424 | 404 |
Impairment of Property, Vessels and Equipment | (12) | (86) | - |
Finance Costs | (57) | (44) | (39) |
Finance Income | 23 | 11 | 14 |
Net Gain on Disposal of Property, Vessels & Equipmen | (5) | 21 | 6 |
Share of Results of Associates | 358 | 403 | 396 |
Share of Results of Joint Arrangements | 153 | 122 | 97 |
Net Gain on Foreign Exchange | 4 | 1 | (0) |
Tax for the Year | - | - | (7) |
Non-Operating Profit | 464 | 429 | 466 |
Profit for the Period | 656 | 852 | 869 |
Non-controlling interest | (1) | (2) | 0 |
Net Profit Attributable To Equity Holders Of The | 654 | 851 | 870 |
Parent | |||
Revenue | -13% | ||||
Operating Profit | -5% | ||||
before Impairments | |||||
Net Profit | 2% | ||||
%'s shown vs 2022 | |||||
2,563 | |||||
2,035 | 2,227 | ||||
654 | 851 | 870 | |||
2021 | 2022 | 2023 | 2021 | 2022 | 2023 |
Revenue | Net Income | ||||
2015 |
2
Activities by Segment
- Port Services
- Container Shipping
- Warehousing & Logistics
- Shipyard
- Shipping Line Agencies
- Vessel Charter & Operations
- Diving & Subsea Services
- Construction and Maintenance Services
- Well Services
- Harbor Marine Operations
- LNG Transport
- LPG Transport
-
Floating Storage and
Offloading (FSO) Operations
- Heavy Equipment and Truck Agency
- Bunker Distribution
- Marine Engine and Lubricants Agency
- Ship Chandlery
- Real Estate Development and Management
- Strategic and Financial Investments
3
Net Profit, by Segment - YTD Q3
(All amounts in QR Millions)
Unfavorable | |
Favorable | +8% |
%'s shown vs 2022
506
469
412
+197%
254 | +132% | |||||||||
201 | ||||||||||
128 | 153 | 139 | ||||||||
-96% | ||||||||||
+101% | 68 | |||||||||
9 | 66 | (6) | 0 | |||||||
(18) | ||||||||||
(6) | ||||||||||
Maritime & Logistics | Offshore | Gas & Petrochem | Trading | Capital | ||||||
2021 | 2022 | 2023 | ||||||||
4
Statement of Income, by Segment - YTD Q3 2023
(All amounts in QR Millions)
Maritime & | Gas & | Eliminations/ | |||||||
Logistics | Offshore | Petrochem | Trading | Capital | Corporate | Adjustments | Consolidated | ||
Operating Revenue | 717 | 1,013 | 179 | 188 | 357 | - | (227) | 2,227 | |
Salaries, Wages & Benefits | (248) | (74) | (22) | (13) | (16) | (97) | - | (469) | |
Operating Supplies & Expenses | (551) | (350) | (12) | (158) | (79) | (9) | 195 | (964) | |
Rent | (26) | (1) | (0) | (2) | (2) | (6) | 29 | (8) | |
Depreciation & Amortization | (27) | (169) | (37) | (1) | (53) | (2) | - | (289) | |
Provision of Impairment of Trade Receivables | 6 | (3) | 2 | (1) | (1) | - | - | 3 | |
Other Operating Expenses | (62) | (10) | (8) | (3) | (0) | (16) | 3 | (96) | |
Fleet & Technical Expense Allocation | 219 | (219) | (0) | - | - | - | - | (0) | |
Expense Allocation from Milaha Corporate | (84) | (16) | (8) | (9) | (13) | 130 | - | (0) | |
Operating Profit before Impairments | (56) | 172 | 95 | 0 | 193 | (0) | 0 | 404 | |
Impairment of Property, Vessels and Equipment | - | - | - | - | - | - | - | - | |
Finance Costs | (6) | (23) | (21) | - | (1) | - | 12 | (39) | |
Finance Income | - | 5 | 13 | 0 | 7 | 0 | (12) | 14 | |
Net Gain on Disposal of Property, Vessels & Equipment | 0 | 6 | - | 0 | 0 | 0 | - | 6 | |
Net Gain on Disposal of Investment Property | - | - | - | - | - | - | - | - | |
Share of Results of Associates | 1 | - | 394 | - | 1 | - | - | 396 | |
Share of Results of Joint Arrangements | 71 | - | 26 | - | - | - | - | 97 | |
Impairment of Available-for-Sale Investments | - | - | - | - | - | - | - | - | |
Net Gain on Foreign Exchange | (0) | 0 | (0) | (0) | (0) | - | - | (0) | |
Miscellaneous Income | - | - | - | - | - | - | - | - | |
Tax for the Year | (0) | (7) | - | - | - | - | - | (7) | |
Profit for the Period | 9 | 153 | 506 | 0 | 200 | 0 | 0 | 869 | |
Non-controlling interest | - | - | - | - | 0 | - | - | 0 | |
Net Profit Attributable To Equity Holders Of The Parent | 9 | 153 | 506 | 0 | 201 | 0 | 0 | 870 | |
5
Statement of Income, by Segment - YTD Q3 2022
(All amounts in QR Millions)
Maritime & | |
Logistics | |
Operating Revenue | 1,094 |
Salaries, Wages & Benefits | (261) |
Operating Supplies & Expenses | (702) |
Rent | (31) |
Depreciation & Amortization | (21) |
Provision of Impairment of Trade Receivables | (9) |
Other Operating Expenses | (56) |
Fleet & Technical Expense Allocation | 221 |
Expense Allocation from Milaha Corporate | (86) |
Operating Profit before Impairments | 147 |
Impairment of Property, Vessels and Equipment | - |
Finance Costs | (4) |
Finance Income | - |
Net Gain on Disposal of Property, Vessels & Equipment | 1 |
Net Gain on Disposal of Investment Property | - |
Share of Results of Associates | 2 |
Share of Results of Joint Arrangements | 110 |
Impairment of Available-for-Sale Investments | - |
Net Gain on Foreign Exchange | (1) |
Miscellaneous Income | - |
Tax for the Year | - |
Gas & | |
Offshore | Petrochem |
909160
- (17)
- (22)
- (0)
- (40)
1 | - |
- (10)
- (6)
- (10)
7854
- -
- (27)
3 | 16 |
812
- -
- 403
- | 13 |
- | - |
10
- -
- -
Trading
244
(12) (223) (2) (1) (1) (2) - (10)
(7)
- - 0 0 - - - - 0 - -
Capital
425
(9) (170) (1) (51) (16) (9) - (17)
152
(86) (2) 7 - - (1) - - 0 - -
Corporate
-
(104) (9) (6) (1) - (22) - 143
0
- - 0 - - - - - (0) - -
Eliminations/ Adjustments
(268)
- 229 36 - - 3 - -
(0)
- 15 (15) - - - - - - - -
Consolidated
2,563
(472) (1,237) (6) (272) (25) (127) (0) -
424
(86) (44) 11 21 - 403 122 - 1 - -
Profit for the Period | 254 | 66 | 469 | (6) | 70 | (0) | (0) | 852 | ||
Non-controlling interest | - | - | - | - | (2) | - | - | (2) | ||
Net Profit Attributable To Equity Holders Of The Parent | 254 | 66 | 469 | (6) | 68 | (0) | (0) | 851 | ||
6
Segment Performance - YTD Q3
(All amounts in QR Millions) | Maritime & Logistics |
34% Decrease in Revenue and 96% Decrease in Net Profit
- Operating Revenue decreased QR (377)m
- Container shipping rates plummeted vs the same period in 2022, in addition to container volume declines
- Operating Expenses are down QR 173m
- Decrease in operating supplies & expenses tied to lower container shipping volumes
- 15m swing in bad debt provisions related to successful recovery of outstanding debts
2021 | 2022 | 2023 | |
Operating Revenue | 787 | 1,094 | 717 |
Salaries, Wages and Other Benefits | (268) | (261) | (248) |
Operating Supplies and Expenses | (548) | (702) | (551) |
Rent Expenses | (31) | (31) | (26) |
Depreciation and Amortisation | (19) | (21) | (27) |
Provision of Impairment of Trade Receivables | (5) | (9) | 6 |
Other Operating Expenses | (62) | (56) | (62) |
Fleet & Technical Expense Allocation | 237 | 221 | 219 |
Expense Allocation from Milaha Corporate | (85) | (86) | (84) |
Operating Expenses | (781) | (946) | (773) |
Operating Profit before Impairments | 6 | 147 | (56) |
o Non-Operating Income is down QR (42)m | Non-Operating Income/(Expense) | 122 | 107 | 65 | ||||||
Profit for the Period | 128 | 254 | 9 | |||||||
1,094 | 16 | 3 | 1 | |||||||
Shipyard | 29 66 | 18 | -4 | |||||||
Shipping Agencies | 717 | |||||||||
Ship Management | ||||||||||
-392 | 25 | 82 | ||||||||
Container Shipping | 754 | Revenue Waterfall - 2022 vs 2023 | 19 | |||||||
363 | ||||||||||
Logistics | 226 | 229 | ||||||||
2022 | Shipyard | Logistics | Ship | Shipping | Container | 2023 | ||||
Management | Agencies | Shipping | ||||||||
7 |
Segment Performance - YTD Q3
(All amounts in QR Millions) | Offshore Marine |
12% Increase in Revenue and 132% Increase in Net Profit
2021 | 2022 | 2023 | |
Operating Revenue | 702 | 909 | 1,013 |
- Operating Revenue increased QR 105m
- Higher project income/margins and increased utilization of key diving assets, offset lower 3rd Party vessel chartering income
- Full employment of Liftboat which was working partially in 2022
- Operating Expenses are up QR (10)m
- -10mIncrease in Operating Supplies & Expenses from increased variable costs related to revenue growth, which more than offset lower chartering-in expenses from 3rd party vessels
- 20m reduction in Other Operating Expenses mainly related to one- time reversal of VAT provision from 2021
Salaries, Wages and Other Benefits | (60) | (68) | (74) |
Operating Supplies and Expenses | (184) | (340) | (350) |
Rent Expenses | (2) | (1) | (1) |
Depreciation and Amortisation | (155) | (157) | (169) |
Provision of Impairment of Trade Receivables | (8) | 1 | (3) |
Other Operating Expenses | (45) | (30) | (10) |
Fleet & Technical Expense Allocation | (215) | (215) | (219) |
Expense Allocation from Milaha Corporate | (14) | (20) | (16) |
Operating Expenses | (682) | (831) | (841) |
Operating Profit before Impairments | 20 | 78 | 172 |
Non-Operating Income/(Expense) | (38) | (12) | (19) |
o Non-Operating Expenses increased by QR (8)m mainly due to -7mtax | Profit for the Period | (18) | 66 | 153 | |||
provision | |||||||
909 | 99 | 4 | 3 | 1,013 | |||
Services | 229 | 328 | |||||
Harbor Operations | 64 | 66 | |||||
Revenue Waterfall - 2022 vs 2023 | |||||||
Vessel Chartering | 616 | 620 | |||||
2022 | Services | Vessel Chartering | Harbor Operations | 2023 | |||
8 |
Segment Performance - YTD Q3
(All amounts in QR Millions)
12% Increase in Revenue and 8% Increase in Net Profit
- Operating Revenue increased by QR 20m
- Revenue increase from FSO (which became operational mid 2022) and one-off increase in LNG Vessels income, more than offset reduced revenue from Gas Carriers (we sold our last gas carrier in 2022 and exited business)
- Operating Expenses are down QR 21m
- OpEx reductions coming from sale of gas carrier in 2022, and lower operational-related FSO costs incurred in 2022
- Non-OperatingIncome down QR (4)m mainly due to lower Associates income
Gas & Petrochem
2021 | 2022 | 2023 | |
Operating Revenue | 197 | 160 | 179 |
Salaries, Wages and Other Benefits | (16) | (17) | (22) |
Operating Supplies and Expenses | (36) | (22) | (12) |
Rent Expenses | (0) | (0) | (0) |
Depreciation and Amortisation | (50) | (40) | (37) |
Provision of Impairment of Trade Receivables | - | - | 2 |
Other Operating Expenses | (12) | (10) | (8) |
Fleet & Technical Expense Allocation | (21) | (6) | (0) |
Expense Allocation from Milaha Corporate | (12) | (10) | (8) |
Operating Expenses | (149) | (106) | (85) |
Operating Profit before Impairments | 48 | 54 | 95 |
Non-Operating Income/(Expense) | 364 | 415 | 412 |
Profit for the Period | 412 | 469 | 506 |
17
160
12
179
-10
LNG Vessels | 136 | Revenue Waterfall - 2022 vs 2023 | 148 |
Gas Carriers | 10 | |||||
FSO | 14 | 32 | ||||
2022 | FSO | LNG Vessels | Gas Carriers | 2023 |
9
Segment Performance - YTD Q3 | Trading | |||||||
(All amounts in QR Millions) | ||||||||
23% Decrease in Revenue and 101% Increase in bottom line | 2021 | 2022 | 2023 | |||||
Operating Revenue | 249 | 244 | 188 | |||||
o Decreased sales of bunker and heavy equipment were more than offset | Salaries, Wages and Other Benefits | (9) | (12) | (13) | ||||
by higher margins from ship chandlering and other marine-related | ||||||||
Operating Supplies and Expenses | (231) | (223) | (158) | |||||
products | Rent Expenses | (1) | (2) | (2) | ||||
Depreciation and Amortisation | (1) | (1) | (1) | |||||
Provision of Impairment of Trade Receivables | 0 | (1) | (1) | |||||
Other Operating Expenses | (3) | (2) | (3) | |||||
Expense Allocation from Milaha Corporate | (9) | (10) | (9) | |||||
Operating Expenses | (255) | (250) | (187) | |||||
Operating Profit before Impairments | (7) | (7) | 0 | |||||
Non-Operating Income/(Expense) | 0 | 0 | 0 | |||||
Profit for the Period | (6) | (6) | 0 | |||||
244 | 15 | |||||||
-4 | ||||||||
188 | ||||||||
Bunker Sales | 162 | -67 | ||||||
95 | ||||||||
Revenue Waterfall - 2022 vs 2023 | ||||||||
Equipment Trading Agencies | 44 | 40 | ||||||
Marine Sales & Service | 37 | 52 | ||||||
2022 | Marine Sales | Equipment | Bunker Sales | 2023 | ||||
& Service | Trading Agencies | |||||||
10 |
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Qatar Navigation QSC published this content on 23 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 October 2023 04:28:38 UTC.