Qatar Navigation Qsc · QSE:QNNS
Qatar Navigation Qsc — Qatar Navigation (Milaha) — H1 2023 Earnings Presentation
16 slides from Qatar Navigation Qsc's earnings presentation, Aug 7, 2023
Slide 1: H1 2023 Financial Summary Conference Call
H1 2023 Financial Summary Conference Call Doha, Qatar August 7, 2023
Slide 2: Consolidated Income Statement – H1
Consolidated Income Statement – H1 (All amounts in QR Millions) 2021 2022 2023 Operating Revenue 1,373 1,774 1,511 Salaries, Wages and Other Benefits (305) (313) (304) Revenue -15% Operating Supplies and Expenses (618) (858) (615) Rent Expenses (3) (4) (5) Operating Profit before Impairments 11% Dep
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 – H1
Net Profit, by Segment – H1 (All amounts in QR Millions) Unfavorable Favorable +6% %’s shown vs 2022 326 307 259 +27% 182 +344% 162 128 124 127 70 -84% +134% 30 29 1 (12) (4) (3) Maritime & Offshore Gas & Petrochem Trading Capital Logistics 2021 2022 2023 4
Slide 5: Statement of Income, by Segment – H1 2023
Statement of Income, by Segment – H1 2023 (All amounts in QR Millions) 5
Slide 6: Statement of Income, by Segment – H1 2022
Statement of Income, by Segment – H1 2022 (All amounts in QR Millions) Maritime & Gas & Eliminations/ Logistics Offshore Petrochem Trading Capital Corporate Adjustments Consolidated Operating Revenue 748 587 101 174 313 - (149) 1,774 Salaries, Wages & Benefits (173) (44) (12) (8) (6) (70) - (313) Op
Slide 7: Segment Performance – Maritime & Logistics
Segment Performance – H1 (All amounts in QR Millions) Maritime & Logistics 2021 2022 2023 33% Decrease in Revenue and 84% Decrease in Net Profit Operating Revenue 501 748 503 o Operating Revenue decreased QR (245)m Salaries, Wages and Other Benefits (179) (173) (162) • Container shipping rates plumm
Slide 8: Segment Performance – Offshore Marine
Segment Performance – H1 (All amounts in QR Millions) Offshore Marine 11% Increase in Revenue and 344% Increase in Net Profit o Operating Revenue increased QR 63m • Higher project income/margins and increased utilization of key diving assets, offset lower 3rd Party vessel chartering income • Full em
Slide 9: Segment Performance – Gas & Petrochem
Segment Performance – H1 (All amounts in QR Millions) Gas & Petrochem 2021 2022 2023 19% Increase in Revenue and 6% Increase in Net Profit Operating Revenue 132 101 120 o Operating Revenue increased by QR 19m • Revenue increase from FSO (which became operational mid 2022) Salaries, Wages and Other B
Slide 10: Segment Performance – Trading
Segment Performance – H1 (All amounts in QR Millions) Trading 27% Decrease in Revenue and 134% Increase in bottom line o Decreased sales of bunker were more than offset by higher margins from ship chandlering and other marine-related products 7 174 -2 127 Bunker Sales 122 -53 69 Revenue Waterfall –
Slide 11: Segment Performance – Capital
Segment Performance – H1 (All amounts in QR Millions) Capital 15% Decrease in Revenue and 27% Increase in Net Profit o QR (47)m decrease in Revenue: • -64m decrease in Qatar Quarries gabbro sales • 16m higher overall Investment income (lower dividend income was more than offset by higher fixed depos
Slide 12: Outlook – Maritime & Logistics
Outlook Maritime & Logistics ➢Container Shipping • H1 reflected a large drop in container shipping rates, and we expect them to remain fairly stable for the rest of year ➢Logistics • H1 included project cargo movements which may or may not recur; overall we expect a subdued H2 in terms of warehousin
Slide 13: Outlook – Offshore Marine
Outlook Offshore Marine ➢Offshore Support Vessels / Services • Expect to see strong performance 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 stab
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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