Hello, and welcome to the Qatar Navigation Milaha conference call. I would like to advise all participants that this call is being recorded. I'd now like to welcome Bobby Sarkar to begin the conference. Thank you. Please go ahead. Okay. Thank you, operator. Hi. This is Bobby Sarkar, Head of Research at QNB Financial Services. I wanted to welcome everyone to Milaha's third quarter and nine months 2023 financial results conference call. On this call from Milaha's management, we have Akram Iswaisi, who is the Executive Vice President, Finance and Investments, and Sami Shtayyeh, who's the Vice President, Financial Planning and Analysis. We will conduct this conference with the management first reviewing the company's results, followed by a Q&A. I would like to now turn the call over to Akram. Akram, please go ahead. Okay. Thank you very much, Bobby. Thank you everyone for joining Milaha's Q3 2023 earnings call and for your interest in the company. I'll be starting by going over our consolidated financial results, and then I will go through our various business segments before turning it over to Sami to go over our outlook as usual. We will end the call with Q&A. The key highlights of our financial results. Milaha's operating revenue came in at QAR 2.23 billion for the first nine months of 2023, compared with QAR 2.56 billion for the same period in 2022, or a decrease of 13%. Operating profit came in at QAR 404 million for the first nine months of 2023, compared with QAR 424 million for the same period in 2022, or a decrease of 5%. Net profit for the first nine months of 2023 was QAR 870 million, compared with QAR 851 million for the same period in 2022, or an increase of 2%. Lastly, our earnings per share was QAR 0.77 for the first nine months of 2023, compared with QAR 0.75 for the same period in 2022. Now moving on to our segments, starting with Maritime and Logistics. Maritime and Logistics results continue to be dragged down by the large decline in container shipping rates when compared to 2022. If you recall, rates reached peak levels mid-2022 and have been on a steady decline since then. In Q2 of this year, rates stabilized, however, in Q3, rates began trending downward again. Overall, revenue for Maritime and Logistics dropped by QAR 377 million versus the same period last year, with QAR 392 million of that coming from container shipping, mainly due to reduced rates along with a decline in volumes. Expenses came down by QAR 173 million, with QAR 50 million of that coming from reduced trade receivables provision due to successful recovery of outstanding debts, and the balance remaining primarily relates to the drop in container shipping volumes. Overall, we ended this year with net profit down QAR 245 million or 96% versus 2022. With respect to Offshore continues to steadily increase its top line. With operating revenue showing consistent growth. Year to date, September revenue increased by 12% or QAR 105 million versus the same period in 2022. Increased utilization of key diving assets and our lift boats, along with additional subsea and engineering-related projects, more than offset a drop in third-party chartered in vessel income. Overall, expenses increased by QAR 10 million, with lower chartering and costs related to the drop in revenue, along with the benefit of a QAR 15 million tax provision reversal, were more than offset by higher variable expenses tied to the increased revenue. The net income result was a year-over-year growth of QAR 87 million or 132%. As for Gas and Petrochem, this segment recorded a 12% increase in revenue driven by a one-off increase in LNG vessel income, along with increases from our FSO that became operational in the middle of 2022. Those two more than offset lost revenue from the sale of our gas carrier last year. Overall expenses came down by QAR 21 million, primarily from the gas carrier divestment, along with the non-recurrence of mobilization related costs incurred last year for the FSO. At the non-operating level, income decreased by QAR 4 million, mainly as a result of lower income from our associates and the non-recurrence of a gain on sale of the gas carrier last year. Net profit for the segment ended up QAR 37 million or 8% versus the same period in 2022. In our trading segment, we were able to reduce bottom-line losses by QAR 6 million versus the same period in 2022 by increasing sales of higher margin goods and services, namely marine-related ship chandlery products. Lastly, for Milaha Capital, revenue slipped by 60% or QAR 68 million, with QAR 97 million of that related to Qatar Quarries sales. Obviously, that was partially offset by higher overall investment and real estate income. Total expenses came down by QAR 109 million, driven by QAR 91 million of lower Qatar Quarries cost of goods sold, which is tied to the drop in revenue, along with a QAR 15 million reduction in bad debt provisions. The non-recurrence of an QAR 86 million impairment on real estate property recorded in 2022 helped boost overall year-over-year results, ending with an overall net profit growth of QAR 133 million, or 197%, versus the same period last year. That wraps up the segments, and I will now turn it over to Sami to discuss the outlook for the rest of the year. Thank you, Akram Iswaisi. Starting with Maritime and Logistics. On the container shipping side, year-to-date Q3 reflected a large drop in container shipping rates, and we expect rates to continue being under pressure due to depressed global demand and expected new vessel capacity coming online. In logistics, the unit remains under pressure, and we expect a subdued Q4 in terms of warehousing and freight forwarding activities. In Offshore, on the support vessels and services side, we expect to see continued growth, particularly longer term, with all the expansion work taking place in Qatar's oil and gas industry. For the harbor operations, we expect stable revenue throughout the year, given that most of the vessels are on a long-term contract. In Gas and Petrochem, overall, we expect limited volatility due to the long-term nature of contracts we have in most business units. Our VLGC joint venture is the exception, where performance is difficult to predict due to volatile spot prices. The current outlook is positive for the rest of the year. In trading, we're going to continue to focus on profitable growth and margin improvements. Lastly, capital, where we will continue to focus on yield enhancement. With that now, operator, we'll open the call for Q&A. Thank you. Thank you. At this time, I would like to remind everyone that in order to ask a question, press star then the number one on your telephone keypad. If you would like to withdraw your question, press star one again. We will pause for just a moment to compile the Q&A roster. Our first question is from Mustafa Omer. Thank you. Please go ahead. Hello, gentlemen. Good afternoon. Thank you for the presentation. Two questions. First, on the Gas & Petrochem segment. This is where you take in the Nakilat income as well into the P&L for this segment. Just wondering, you've attributed lower associate income over there. Where is this coming from? Because Nakilat year-on-year has done fairly well. Second, on the Maritime & Logistics, obviously a big drop there. You're attributing that to the container shipping segment. What's your outlook on that segment? You have mentioned Q4 being soft. Do you see a recovery in that segment anytime soon? Thank you. Okay. Thank you very much for your question. Now with respect to the Gas and Petrochem, as it relates to the share of results of associates, we did have a past audit adjustment or entry that we had to book this year. That was a past adjustment from last year that was booked this year. It's been a material adjustment, but we had to book it this year. That had an impact on our share of results of associates. That's number one, and we've mentioned that in our previous call as well. As it relates to container shipping, it is a challenging market today. Obviously this market is characterized by, it's a spot market. There's a lot of volatility in the market, and it's very difficult to predict where it's headed. At this point, we don't expect it to get any worse than it did the first nine months of this year. It's very difficult to predict outlook for the remainder of the year and where spot rates will end up going. What was the quantum of the one-off in the Gas and Petrochem? Sorry, repeat that question. What is the quantum of it in Qatar riyals? In associates? Yes. Well, in associates, it's QAR 26 million. Sorry, it wasn't clear. The line was. QAR 26 million. QAR 26 million. Okay. Thank you so much. Our next question is from Nikhil Phutane. Thank you. Please go ahead. Yeah. Hi, and good afternoon, gentlemen. Thanks for the presentation. Just one quick on your maritime logistics. You did mention about containers, shipping and rates are coming down. On the flip side, we are also seeing some traction on shipyard business. Wanted to understand what are the relations between the shipyard going up while other businesses are going down. Apart from that, in terms of your offshore business, what we are seeing is it has seen one of the lowest margins during the quarter as compared to, you can say, the last few quarters or years, in spite of stable revenues. What is the reason behind such a drastic drop in the margin? You did mention about operating expenses coming down. Just wanted to relate with that, why it is so down. Thank you. Well, the shipyard business, let me start with the shipyard. The shipyard business is not correlated to container shipping volumes. It has nothing to do with it. What we have done in container shipping is we have made some major operational changes, and we've mentioned that on many calls that what we're focused on is operational optimization. We've had some management changes in that business. We've focused on optimizing the way we manage projects. Over time, you'll see major improvements in the shipyard coming from all these investments that we're making and these operational improvements that we're making to the shipyard. This is fundamentally the major changes that we're making in shipyard. It has nothing to do with container shipping business. What was the second question again? Regarding our Offshore business, which has seen, as I mentioned, lowest margin. Suppose we look at it over the last two years, quarterly basis, it has quite seen a steep drop. Wanted to understand the reason behind it. Well, if you look at the offshore business, this year has been a phenomenal year. After many years of depressed returns, we've managed to turn this business around. That turnaround is coming from multiple areas. Number one, significant investments have been made in operational improvements. We've managed to increase uptime, and which obviously helps improve the bottom line. We've made investments in new capabilities and services, and with higher margins, and that is starting to pay off. On top of that, if you look at the market overall, not just look at our offshore business, if you compare to the market overall, what you're seeing is a general trend of rate increases overall. The market is undersupplied. Demand has been going up, if you look at the region primarily, and the supply of vessels is dwindling. Vessels are getting older. It's a very good time to be an asset owner today, and that is serving us well today. If you look at the margin quarter-over-quarter, because we have managed to change our revenue mix over time, where we're adding projects. Some of these projects are short-term in nature, but higher margin. There are some immaterial, if you will, fluctuations from quarter to quarter. Overall, on a long-term basis, you will see a significant upward trajectory where the margin will continue to improve. Okay. We can safely say that, over the next, say, couple of quarters, we could be seeing margins again coming back to the average levels which we have seen in the previous quarters, say around 65%-70%? Again, I can tell you that we're very excited about this business. We see a lot of opportunities. What you see this year is that, we know that container shipping rates were not going to last forever. I think globally, most container shipping companies have benefited, or all of them, if you will, and have made significant profits. The reality is, we know that's not going to last. This year, our P&L got impacted by the drop in container shipping rates. We have been very successful in replacing the majority of that lost profit, and a big chunk of it is coming from offshore business. We're also very excited about the opportunities we see in the region. We have a substantially large pipeline of work that's coming. Again, if you look at our competitors, all of them echo the same sentiment and the same excitement. I think over the next couple of years, we should see much bigger improvements in results from offshore as well. Again, you see that this year, and I think that's been a significant achievement compared to what you've seen in the past 2 years-3 years. Okay. Lastly, and again, coming back on your Offshore, along with the increase in revenues that you have mentioned, we are also seeing you have trade receivables, which is going up. We are seeing quite a significant pickup. Is there anything there to talk about in terms of days of sales? Are you finding some issues there on the? Listen, I think trade receivables, if you look in general, there are no issues in trade receivable. Collection history is fantastic. If you look at even the way we provision for receivables, and you're already seeing reversals of receivables and recoveries, because we're very conservative when it comes to receivables. In terms of any issues with receivables, we don't see any. Again, we use a very conservative provision model, and so we like to err on the conservative side. Again, as I mentioned, our business is growing. With that, receivables will continue to grow. Depending on the segment, we are subject to credit terms as per contract. Again, our receivables are very collectible. Okay. Thank you, sir. Best of luck for your future quarters. Thank you. I would like to once again remind everyone that in order to ask the question, press star then the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Our next question is from Nikhil Phutane. Thank you. Please go ahead. Yeah, it's just tight and there's not much to talk about, but just one important question which I'd like to have a follow-up on, because we are quite interested in terms of your VLGC joint ventures, which you mentioned in a spot rate, which are doing well. Wanted to have a little bit, picking your brains on what you see in the next fourth quarter, how you see that rate going up. In terms of the general, what we see, economic slowdown happening everywhere, but people are talking about VLGC doing much better. Can we understand how to look at it for the next one or two quarters? Listen, in terms of VLGC rates, they're historically volatile. The rates right now are quite high. They are higher than the peak of same period last year. Given the supply and demand dynamics in the market, aside from container shipping, if you look at the tanker business as well, it's doing quite well right now. Overall, there are a number of shipping segments that are doing quite well. It's tied to supply and demand fundamentals plus, in some regions, geopolitical issues, if you will. From our perspective, we think that the rates will stay strong well into the end of Q4. Okay. Thank you, sir. Thanks a lot. We don't have further questions. I will now turn the call back over to Bobby Sarkar. Thank you. Thank you. Okay, so if you don't have any further questions, we can end the call for today. I want to thank Akram and Sami for taking the time to go over the presentation and answer our questions, and we will pick this up next quarter. Thanks, everyone. Thank you very much, everyone. Appreciate it. See you next quarter. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.