Qatar Navigation Qsc · QSE:QNNS
Qatar Navigation Qsc — Qatar Navigation (Milaha) — Q1 2023 Earnings Presentation
16 slides from Qatar Navigation Qsc's earnings presentation, Apr 19, 2023
Slide 1: Q1 2023 Financial Summary Conference Call
Q1 2023 Financial Summary Conference Call Doha, Qatar April 19, 2023
Slide 2: Consolidated Income Statement – Q1
Consolidated Income Statement – Q1 (All amounts in QR Millions) 2021 2022 2023 Operating Revenue 675 913 766 Salaries, Wages and Other Benefits (150) (155) (139) Revenue -16% Operating Supplies and Expenses (259) (415) (306) Rent Expenses (1) (2) (3) Operating Profit before Impairments 8% Depreciati
Slide 3: Activities by Segment
Activities by Segment • Port Services • Vessel Charter & • LNG Transport • Heavy Equipment • Real Estate Operations and Truck Agency Development and • Container Shipping • LPG Transport Management • Diving & Subsea • Bunker Distribution • Warehousing & Services • Floating Storage and • Strategic and
Slide 4: Net Profit, by Segment – Q1
Net Profit, by Segment – Q1 (All amounts in QR Millions) Unfavorable Favorable -5% %’s shown vs 2022 164 156 143 +17% 119 110 102 88 +627% 61 42 -73% +232% 24 3 3 8 (1) (2) Maritime & Offshore Gas & Petrochem Trading Capital Logistics 2021 2022 2023 4
Slide 5: Statement of Income, by Segment – Q1 2023
Statement of Income, by Segment – Q1 2023 (All amounts in QR Millions) Maritime & Gas & Eliminations/ Logistics Offshore Petrochem Trading Capital Corporate Adjustments Consolidated Operating Revenue 246 309 57 58 172 0 (76) 766 Salaries, Wages and Other Benefits (76) (21) (7) (3) (5) (28) - (139) O
Slide 6: Statement of Income, by Segment – Q1 2022
Statement of Income, by Segment – Q1 2022 (All amounts in QR Millions) Maritime & Gas & Eliminations/ Logistics Offshore Petrochem Trading Capital Corporate Adjustments Consolidated Operating Revenue 366 290 53 67 208 - (72) 913 Salaries, Wages and Other Benefits (87) (22) (6) (4) (3) (33) - (155) O
Slide 7: Segment Performance – Maritime & Logistics
Segment Performance – Q1 (All amounts in QR Millions) Maritime & Logistics 2021 2022 2023 33% Decrease in Revenue and 73% Decrease in Net Profit Operating Revenue 240 366 246 o Operating Revenue decreased QR (120)m Salaries, Wages and Other Benefits (87) (87) (76) • Container shipping rates plummete
Slide 8: Segment Performance – Offshore Marine
Segment Performance – Q1 (All amounts in QR Millions) Offshore Marine 2021 2022 2023 6% Increase in Revenue and 627% Increase in Net Profit Operating Revenue 191 290 309 o Operating Revenue increased QR 19m Salaries, Wages and Other Benefits (19) (22) (21) • Higher project income/margins and increas
Slide 9: Segment Performance – Gas & Petrochem
Segment Performance – Q1 (All amounts in QR Millions) Gas & Petrochem 2021 2022 2023 8% Increase in Revenue and 5% Decrease in Net Profit Operating Revenue 64 53 57 o Operating Revenue increased by QR 4m Salaries, Wages and Other Benefits (6) (6) (7) • Revenue increase from FSO (which became operati
Slide 10: Segment Performance – Trading
Segment Performance – Q1 (All amounts in QR Millions) Trading 2021 2022 2023 14% Decrease in Revenue and 232% Increase in bottom line Operating Revenue 73 67 58 o Decreased sales of bunker were more than offset by higher margins Salaries, Wages and Other Benefits (3) (4) (3) from ship chandlering an
Slide 11: Segment Performance – Capital
Segment Performance – Q1 (All amounts in QR Millions) Capital 2021 2022 2023 17% Decrease in Revenue and 17% Increase in Net Profit Operating Revenue 172 208 172 o QR (36)m decrease in Revenue: Salaries, Wages and Other Benefits (3) (3) (5) • +35m decrease in Qatar Quarries gabbro sales Operating Su
Slide 12: Outlook – Maritime & Logistics
Outlook Maritime & Logistics ➢Container Shipping • Q1 reflected a large drop in container shipping rates, and we expect them to remain fairly stable for the rest of year ➢Logistics • We expect a slowdown in warehousing & freight forwarding activities in Q2 2023, but expect a pickup in the second hal
Slide 13: Outlook – Offshore Marine
Outlook Offshore Marine ➢Offshore Support Vessels / Services • Expect to see growth on the back of strong Oil & Gas activities in Qatar and from our continued focus on scaling up specialized subsea services and MMO (Maintenance, Modification & Operations) ➢Harbor Operations • Expect stable revenue t
Slide 14: Outlook – Gas & Petrochem
Outlook Gas & Petrochem ➢Jointly & Fully owned LNG carriers • Fairly stable earnings due to long term fixed nature of contracts ➢1 Fully-owned FSO • Asset is employed on a long-term contract so expect stable earnings ➢Results from Associates • Expect stable growth from our Nakilat stake ➢Gulf LPG VL
Slide 15: Outlook – Trading
Outlook Trading ➢Continued focus on the growth of ship chandlering and other marine services ➢Focus on margin improvement across the segment 15
Slide 16: Outlook – Capital
Outlook Capital ➢Limited Investments volatility • Continued focus on yield enhancement of the financial portfolio ➢Stable results expected from our Real Estate holdings 16
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