Earnings release
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Qatar Navigation Q.P.S.C. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 30 SEPTEMBER 2025
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CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the nine-month period ended 30 September 2025 CONTENTS Page(s) Condensed consolidated interim financial statements: Condensed consolidated interim income statement 1 Condensed consolidated interim statement of comprehensive income 2 Condensed consolidated interim statement of financial position 3 - 4 Condensed consolidated interim statement of cash flows 5 - 6 Condensed consolidated interim statement of changes in equity 7 Notes to the condensed consolidated interim financial statements 8 - 17 Qatar Navigation Q.P.S.C.
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Qatar Navigation Q.P.S.C. CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT For the nine-month period ended 30 September 2025 1 For the nine-month period ended 30 September 2025 2024 (Unaudited) Notes QR’000 QR’000 Operating revenues 4 2,457,959 2,131,019 Salaries, wages and other benefits (585,173) (527,638) Operating supplies and expenses (876,539) (765,991) Rent expenses (4,238) (5,498) Depreciation and amortisation (374,306) (300,163) Reversal of impairment of receivables 20,070 18,054 Other operating expenses (122,098) (104,405) OPERATING PROFIT BEFORE IMPAIRMENTS 515,675 445,378 Impairment of property, vessels and equipment and investment property (10,159) - Finance costs (24,177) (20,048) Finance income 2,145 5,136 Gain on disposal of property, vessels and equipment 87,388 7,470 Share of results of associates 474,547 445,659 Share of results of joint ventures 63,766 43,447 Net loss on foreign exchange (2,465) (1,045) PROFIT BEFORE TAX 1,106,720 925,997 INCOME TAX EXPENSE (50,985) (10,406) PROFIT FOR THE PERIOD 1,055,735 915,591 Attributable to: Equity holders of the Parent 1,057,860 917,384 Non-controlling interest (2,125) (1,793) 1,055,735 915,591 BASIC AND DILUTED EARNINGS PER SHARE (attributable to equity holders of the Parent) (expressed in QR per share) 13 0.93 0.81 The attached notes 1 to 15 form part of these condensed consolidated interim financial statements.
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Qatar Navigation Q.P.S.C. CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME For the nine-month period ended 30 September 2025 2 For the nine-month period ended 30 September 2025 2024 (Unaudited) QR’000 QR’000 Profit for the period 1,055,735 915,591 Other comprehensive income (OCI): Items that will not be reclassified subsequently to profit or loss Net income (loss) on equity investments at fair value through OCI 114,449 (133,034) Equity-accounted investees – share of OCI (2,554) (1,179) 111,895 (134,213) Items that may be reclassified subsequently to profit or loss Net loss resulting from cash flow hedges (8,076) (17,751) Translation reserve movement for equity-accounted investee (548) 6,697 Cash flow hedge movement for equity-accounted investees (163,906) (174,776) (172,530) (185,830) Total other comprehensive loss (60,635) (320,043) Total comprehensive income 995,100 595,548 Attributable to: Equity holders of the Parent 997,225 597,647 Non-controlling interest (2,125) (2,099) 995,100 595,548 The attached notes 1 to 15 form part of these condensed consolidated interim financial statements.
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Qatar Navigation Q.P.S.C. CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION At 30 September 2025 3 30 September 31 December 2025 2024 (Unaudited) (Audited) Notes QR’000 QR’000 ASSETS Non-current assets Property, vessels and equipment 5 3,259,750 3,095,280 Investment properties 6 857,319 875,680 Intangible assets 3,175 4,416 Right-of-use assets 183,462 118,368 Investments in joint ventures 1,107,440 1,083,572 Investments in associates 8,270,887 8,248,809 Financial assets at FVOCI 3,004,283 2,854,287 Investments in deposits 365,000 365,000 Loans granted to LNG companies 76,043 77,361 Deferred tax assets 6,928 3,858 Total Non-current assets 17,134,287 16,726,631 Current assets Inventories 62,856 62,177 Trade and other receivables 988,153 1,069,235 Equity instruments at FVTPL 652,786 645,751 Investments in term deposits 7 1,078,309 514,855 Cash and cash equivalents 343,135 187,996 Total Current assets 3,125,239 2,480,014 TOTAL ASSETS 20,259,526 19,206,645 EQUITY AND LIABILITIES Attributable to equity holders of the Parent Share capital 9 1,136,165 1,136,165 Legal reserve 4,693,986 4,693,986 General reserve 623,542 623,542 Fair value reserve 2,470,195 2,350,149 Hedging reserve 1,068,418 1,240,400 Translation reserve (18,575) (18,027) Retained earnings 8,043,735 7,448,492 Equity attributable to equity holders of the Parent 18,017,466 17,474,707 Non-controlling interest 819 2,944 Total Equity 18,018,285 17,477,651 The condensed consolidated interim statement of financial position continues on the next page . The attached notes 1 to 15 form part of these condensed consolidated interim financial statements.
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Qatar Navigation Q.P.S.C. CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS For the nine-month period ended 30 September 2025 5 For the nine-month period ended 30 September 2025 2024 (Unaudited) QR’000 QR’000 CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 1,106,720 925,997 Adjustment for: Depreciation of property, vessels and equipment 251,918 202,608 Depreciation of investment properties 43,700 40,319 Amortisation of intangible assets 1,857 2,885 Depreciation of right-of-use assets 76,831 54,351 Net gain on disposal of property, vessels and equipment (87,388) (7,470) Share of results of associates (474,547) (445,659) Share of results of joint ventures (63,766) (43,447) Provision for employees’ end of service benefits 22,397 12,161 Dividend income (144,249) (155,264) Net fair value (gain)/loss on equity instruments at FVTPL (7,035) 1,676 Impairment of property, vessels and equipment and investment property 10,159 - Reversal of impairment of receivables (20,070) (18,054) Finance cost 24,177 20,048 Finance income (2,145) (5,136) Operating profit before working capital changes: 738,559 585,015 Changes in: Inventories (679) 23,111 Trade and other receivables 99,299 (46,452) Trade and other payables 105,650 48,944 Cash flows from operating activities 942,829 610,618 Employees’ end of service benefits paid (15,833) (5,043) Net cash flows from operating activities 926,996 605,575 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, vessels and equipment (420,560) (697,989) Dividend income 144,249 155,264 Finance income 2,145 5,136 Proceeds from disposal of property, vessels and equipment 5,037 99,581 Proceeds from disposal of non-current assets held for sale 460,265 - Purchase of investment properties (33,720) (64,517) Additions to intangible assets (212) (310) Proceeds from disposal of intangible assets - 3 Investments in financial assets at FVOCI (146,461) (139,138) Investments in deposits - (365,000) Net movement in investment in term deposits (563,454) 89,750 Proceeds from disposal of financial assets at FVOCI 111,015 19,213 Dividends received from joint ventures 39,350 64,190 Dividends received from associates 286,009 421,702 Net cash flows used in investing activities (116,337) (412,115) The attached notes 1 to 15 form part of these condensed consolidated interim financial statements
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Qatar Navigation Q.P.S.C. CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (CONTINUED) For the nine-month period ended 30 September 2025 6 For the nine-month period ended 30 September 2025 2024 (Unaudited) Notes QR’000 QR’000 CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid to the Company’s shareholders 10 (454,466) (426,062) Payment of lease liabilities (78,061) (57,566) Loans and borrowings settled (98,816) (105,740) Loans and borrowings utilised - 292,000 Finance costs paid (24,177) (20,048) Net cash flows used in financing activities (655,520) (317,416) Net increase (decrease) in cash and cash equivalents 155,139 (123,956) Cash and cash equivalents at the beginning of the period 187,996 414,411 Cash and cash equivalents at the end of period 8 343,135 290,455 The attached notes 1 to 15 form part of these condensed consolidated interim financial statements.
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Qatar Navigation Q.P.S.C. CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY For the nine-month period ended 30 September 2025 7 Attributable to the equity holders of the Parent Share capital Legal reserve General Reserve Fair value reserve Hedging reserve Translation reserve Retained earnings Total Non- controlling interest Total QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 Balance at 31 December 2024 (Audited) 1,136,165 4,693,986 623,542 2,350,149 1,240,400 (18,027) 7,448,492 17,474,707 2,944 17,477,651 Profit (loss) for the period - - - - - - 1,057,860 1,057,860 (2,125) 1,055,735 Other comprehensive income (loss) - - - 111,895 (171,982) (548) - (60,635) - (60,635) Total comprehensive income (loss) - - - 111,895 (171,982) (548) 1,057,860 997,225 (2,125) 995,100 Transactions with owners of the Group: Dividends paid (Note 10) - - - - - - (454,466) (454,466) - (454,466) Other equity movement: Reclassification on disposal of FVOCI - - - 8,151 - - (8,151) - - - Balance at 30 September 2025 1,136,165 4,693,986 623,542 2,470,195 1,068,418 (18,575) 8,043,735 18,017,466 819 18,018,285 Attributable to the equity holders of the Parent Share capital Legal reserve General Reserve Fair value reserve Hedging reserve Translation reserve Retained earnings Total Non- controlling interest Total QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 Balance at 31 December 2023 (Audited) 1,136,165 4,693,986 623,542 2,465,084 981,653 - 6,780,714 16,681,144 41,569 16,722,713 Profit (loss) for the period - - - - - - 917,384 917,384 (1,793) 915,591 Other comprehensive (loss) income - - - (133,907) (192,527) 6,697 - (319,737) (306) (320,043) Total comprehensive (loss) income - - - (133,907) (192,527) 6,697 917,384 597,647 (2,099) 595,548 Transactions with owners of the Group: Dividends paid (Note 10) - - - - - - (426,062) (426,062) - (426,062) Other equity movement: Reclassification on disposal of FVOCI - - - 81 - - (81) - - - Reduction of capital (i) - - - - - - - - (36,122) (36,122) Balance at 30 September 2024 1,136,165 4,693,986 623,542 2,331,258 789,126 6,697 7,271,955 16,852,729 3,348 16,856,077 (i) During the comparative period, Qatar Quarries and Building Materials Company P.Q.S.C., one of the subsidiaries of the Group have resolved to reduce the equity by way of repayments amounting to QR 36.12 million affecting the Group’s non-controlling interest. The attached notes 1 to 15 form part of these condensed consolidated interim financial statements.
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the nine-month period ended 30 September 2025 8 1. REPORTING ENTITY Qatar Navigation Q.P.S.C. (the “Company” or the “Parent”) was incorporated in accordance with the provisions of the Qatar Commercial Companies Law No. 11 of 2015 (and all its amendments ) as a Qatari Public Shareholding Company, and it is registered at the Ministry of Commerce and Industry of the State of Qatar with the Commercial Registration number 1 dated 5 July 1957. The registered office of the Company is located at Street No. 523, Zone 56, Umm Al Saneem Area, East Industrial Road, Doha, State of Qatar. The shares of the Company are publicly traded on the Qatar Stock Exchange since 26 May 1997. These condensed consolidated interim financial statements comprise the Company and its subsidiaries (collectively referred as the “Group” and individually as the “Group entities”) and the Group’s interests in equity- accounted investees. The principal activities of the Group, which remain unchanged from the previous period, include the provision of marine transport, acting as agent to foreign shipping lines, offshore services, sale of heavy vehicles, ship repair, fabrication and installation of offshore structures, land transport, chartering of vessels, real estate, investments in listed and unlisted securities, trading of aggregates, building materials, warehousing, and supply chain management. The structure of the Group has not changed since the last annual consolidated financial statements as at and for the year ended 31 December 2024 (the “latest annual financial statements”). However, during the period the Group has incorporated four (4) new subsidiaries in overseas jurisdictions. The condensed consolidated interim financial statements of the Group were authorised for issue by the Company’s Board of Directors on 29 October 2025. 2. BASIS OF CONSOLIDATION 2.1 Basis of preparation The condensed consolidated interim financial statements for the nine months ended 30 September 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting and and should be read in conjunction with the Group’s last annual audited consolidated financial statements as at and for the year ended 31 December 2024 (‘last annual financial statements’). They do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standar ds. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since last annual financial statements. All values are rounded to the nearest thousands (QR’000) except otherwise indicated. The results for the nine-month period ended 30 September 2025 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2025. These condensed consolidated interim financial statements have been prepared on the historical cost convention except for certain financial instruments that are measured at revalued amounts or fair value at the end of each reporting period. The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty and Group’s financial risk management objectives and policies were the same as those that applied to the consolidated fin ancial statements as at and for the year ended 31 December 202 4 except for the application of accounting policy as mentioned below. Non-current Assets Held for Sale Non-current assets are classified as held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing us e. Such assets are generally measured at the lower of their carrying amount and fair value less costs to sell. Once classified as held for sale, property plant and equipment are no longer depreciated.
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the nine-month period ended 30 September 2025 9 2. BASIS OF CONSOLIDATION (CONTINUED) 2.2 New standards, interpretations and amendments adopted by the Group New and amended standards adopted by the Group The accounting policies adopted in the preparation of the condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2024, except for the adoption of new standards effective as of 1 January 2025. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Impact of new standards (issued but not yet adopted by the Group) Certain new accounting standards and interpretations have been published that are not mandatory for the current reporting period and have not been adopted by the Group. The management of the Group is in the process of assessing the impact of these new stan dards, interpretation and amendments which will be adopted in the Group’s consolidated financial statements as and when they are applicable. 3. USE OF JUDGMENTS AND ESTIMATES In preparing these condensed consolidated interim financial statements, management has made judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the latest annual financial statements for the year ended 31 December 2024. Measurement of fair values When measuring the fair value of an asset or liability, the Group uses any market observable data available. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: • Level 1: quoted market price (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the assets or liabilit ies either directly (i.e., as prices) or indirectly (i.e., derived from prices). • Level 3: inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or liability might be organized in different levels of the fair value hierarchy, then the fair value measurement is organized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group organized transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. The Group has considered potential impacts of the current economic volatility in determination of the reported amounts of the financial and non -financial assets and these are considered to represent management ’s best assessment based on observable information. Markets, however, remain volatile and the recorded amounts remain sensitive to market fluctuations.
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the nine-month period ended 30 September 2025 10 4. OPERATING REVENUES The Group revenues consist of activities under the following operating segments: Nine-month period ended 30 September 2025 2024 (Unaudited) QR’000 QR’000 Milaha Capital 282,253 320,611 Milaha Maritime and Logistics 505,131 505,231 Milaha Offshore 1,373,830 1,061,559 Milaha Trading 57,146 61,116 Milaha Gas and Petrochem 239,599 182,502 2,457,959 2,131,019 5. PROPERTY, VESSELS AND EQUIPMENT 30 September 31 December 2025 2024 (Unaudited) (Audited) QR’000 QR’000 Net book value, beginning balance 3,095,280 2,775,797 Additions 420,560 824,409 Disposals and write off (1,990) (92,622) Other transfers and reclassifications (404) (1,360) Impairment (1,778) (110,826) Depreciation charge for the period/year (251,918) (300,118) Net book value, ending balance 3,259,750 3,095,280 6. INVESTMENT PROPERTIES 30 September 31 December 2025 2024 (Unaudited) (Audited) QR’000 QR’000 Net book value, beginning balance 875,680 856,183 Additions 33,720 76,126 Impairment (8,381) - Depreciation charge for the period/year (43,700) (56,629) Net book value, ending balance 857,319 875,680
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the nine-month period ended 30 September 2025 11 7. INVESTMENTS IN TERM DEPOSITS 30 September 31 December 2025 2024 (Unaudited) (Audited) QR’000 QR’000 Term deposits with banks 1,204,514 578,622 Less: Term deposits maturing before 90 days (126,205) (63,767) Term deposits maturing after 90 days (i) 1,078,309 514,855 (i) Investments in term deposits earn interests at market rates. (ii) Term deposits are assessed to have low credit risk of default since these banks are highly regulated by the central bank of Qatar. Accordingly, the Group estimates the loss allowance on balances with banks at the end of the reporting period at an amount equal to 12-month ECL. None of the balances with banks at the end of the reporting period are past due and taking into account the historical default experience and the current credit ratings of the bank, the Group has assessed the ECL to be immaterial. 8. CASH AND CASH EQUIVALENTS For the purpose of the condensed consolidated interim statement of cash flows, cash and cash equivalents comprise the following items: 30 September 30 September 2025 2024 (Unaudited) (Unaudited) QR’000 QR’000 (i) Deposits with an original maturity of less than 90 days are made for varying periods depending on the immediate cash requirements of the Group at commercial market rates. (ii) Balances with banks are assessed to have low credit risk of default since these banks are highly regulated by the central bank of Qatar. Accordingly, the Group estimates the loss allowance on balances with banks at the end of the reporting period at an amount equal to 12-month ECL. None of the balances with banks at the end of the reporting period are past due and taking into account the historical default experience and the current credit ratings of the bank, the Group has assessed the ECL to be immaterial. 9. SHARE CAPITAL Number of shares (‘000’) QR’000 Authorised, issued and fully paid shares At 30 September 2025 and 31 December 2024 shares with nominal value of QR 1 each (i) 1,136,165 1,136,165 (i) All shares have equal rights. Cash in hand 1,861 3,189 Bank balance – term deposits (i) 126,205 191,267 Bank balance – current accounts 215,069 95,999 Cash and cash equivalents in the condensed consolidated interim statement of cash flows 343,135 290,455
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the nine-month period ended 30 September 2025 12 10. DIVIDENDS Dividend proposed and paid for the year 2024 The Board of Directors ha d proposed a 40% (2024: 37.5%) cash dividend of QR 0.40 (2024: QR 0.375) per share totaling QR 454 million for the year 2024 (2024: QR 426 million for the year 2023) which was approved by the equity holders at the Annual General Assembly held on 24 February 2025 (2024: held on 5 March 2024). 11. CONTINGENT LIABILITIES As at 30 September 2025 and 31 December 2024, the Group had letters of guarantees and letters of credit from which it anticipates that no material liabilities will arise as follows: 30 September 31 December 2025 2024 (Unaudited) (Audited) QR’000 QR’000 Letters of guarantees 1,215,746 1,034,705 Letters of credits 1,911 - 1,217,657 1,034,705 12. RELATED PARTY DISCLOSURES The following table provides the total amount of transactions that have been entered into with related parties during the nine months ended 30 September 202 5 and 2024, as well as balances with related parties as at 30 September 2025 and 31 December 2024: Related party transactions Nine-month period ended 30 September 2025 2024 Sales Purchases Sales Purchases (Unaudited) (Unaudited) QR’000 QR’000 QR’000 QR’000 Associates 5,880 4,444 1,875 466 Joint ventures 402 426,896 293 59,863 6,282 431,340 2,168 60,329 Related party balances Balances with related parties included in the condensed consolidated interim statement of financial position are as follows: 30 September 2025 31 December 2024 Trade receivables Trade payables Trade receivables Trade payables (Unaudited) (Audited) QR’000 QR’000 QR’000 QR’000 Joint ventures(i) 258 380,461 75 7,121 Associates 1,031 972 2,689 940 Directors 497 134 215 65 1,786 381,567 2,979 8,126
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the nine-month period ended 30 September 2025 13 12. RELATED PARTY DISCLOSURES (CONTINUED) (i) During the period, the Company purchased two (2) vessels from one of its joint ventures amounting to QR 376 million which were subsequently sold for QR 460 million. Compensation of directors and other key management personnel The remuneration of directors and other members of key management provided for / paid during the period was as follows: Nine-month period ended 30 September 2025 2024 (Unaudited) QR’000 QR’000 Salaries and allowances 11,297 8,654 Provision for employees’ end of service benefits 1,192 911 Board of Directors’ remuneration – cash 10,463 10,463 22,952 20,028 13. BASIC AND DILUTED EARNINGS PER SHARE Basic earnings per share is calculated by dividing the net profit for the period attributable to equity holders of the Parent by the weighted average number of shares outstanding during the period. There were no potentially dilutive shares outstanding at any time during the period and, therefore, the diluted earnings per share is equal to the basic earnings per share. Nine-month period ended 30 September 2025 2024 (Unaudited) Net profit for the nine-month period attributable to equity holders of the Parent (QR’000 ) 1,057,860 917,384 Weighted average number of shares (000’s) 1,136,165 1,136,165 Basic and diluted earnings per share (QR) 0.93 0.81
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the nine-month period ended 30 September 2025 14 14. SEGMENT INFORMATION Group is organized into six (6) pillars as follows, which constitute five reportable segments (strategic divisions): • Milaha Capital provides corporate finance advisory services to the Parent and its subsidiaries, in addition to managing its proprietary portfolio of financial and real estate investments and holding the investment of Qatar Quarries and Building Material Company W.L.L. • Milaha Maritime & Logistics delivers a comprehensive range of services to major importers, exporters and shipping companies in the region, including oil & gas majors. The activities include logistics services, container feeder shipping, non -vessel operatin g common carriers (NVOCC) operations, bulk shipping, shipping agencies, port management and operations, shipyard and steel fabrication. • Milaha Offshore provides comprehensive offshore support services to the oil and gas industry across the region. The group currently operates a fleet of offshore service vessels, which include safety standby vessels, anchor handling tugs, crew boats, workbo ats and dynamic positioning (DP) vessels. It provides a complete range of diving services including saturation diving. • Milaha Trading is engaged in trading trucks, heavy equipment, machinery and lubrication brands in Qatar. The segment markets its products and provides critical after sales service. • Milaha Gas and Petrochem owns, manages and operates a fleet of LPG and LNG carriers and provides ocean transportation services to international energy and industrial companies. It further owns and manages a Floating Storage and Offloading (FSO) unit. • Milaha Corporate provides necessary services to all the pillars to run their respective business. These services are costs of management, corporate development and communications, internal audit, legal affairs, shared services, information technology, proc urement, human resources and administration and finance. The costs are subsequently allocated. Adjustments with respect to Milaha Corporate represent costs captured and subsequently allocated to various business pillars by way of a laid down methodology. Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss and is measured consiste ntly with operating profit or loss in the condensed consolidated interim financial statements. Transfer prices between operating segments are on an arm’s length basis in a manner similar to transactions with third parties.
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the nine-month period ended 30 September 2025 15 14. SEGMENT INFORMATION (CONTINUED) Nine-month period ended 30 September 2025 (Unaudited) Milaha Capital Milaha Maritime and Logistics Milaha Offshore Milaha Trading Milaha Gas and Petrochem Adjustments relating to Milaha Corporate Total segments Adjustments and eliminations Consolidated QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 Operating revenues 314,263 660,565 1,381,684 154,191 239,599 - 2,750,302 (292,343) 2,457,959 Salaries, wages and other benefits (9,865) (247,222) (165,294) (18,473) (28,372) (115,947) (585,173) - (585,173) Operating supplies and expenses (9,622) (516,158) (425,475) (134,819) (35,755) (12,108) (1,133,937) 257,398 (876,539) Rent expenses (1,674) (22,327) (3,239) (2,450) (78) (7,396) (37,164) 32,926 (4,238) Depreciation and amortisation (56,912) (60,289) (198,984) (1,365) (55,368) (1,388) (374,306) - (374,306) Reversal of impairment of receivables 6,214 11,271 1,632 953 - - 20,070 - 20,070 Other operating expenses (9,028) (67,229) (26,665) (3,365) (4,484) (13,346) (124,117) 2,019 (122,098) Allocations relating to fleet and technical services - 263,907 (263,887) - (20) - - - - Allocations relating to Milaha Corporate (13,930) (76,350) (43,909) (9,811) (6,184) 150,184 - - - OPERATING PROFIT (LOSS) BEFORE IMPAIRMENTS 219,446 (53,832) 255,863 (15,139) 109,338 (1) 515,675 - 515,675 Impairment of property, vessels and equipment and investment property (8,381) (1,778) - - - - (10,159) - (10,159) Finance costs (15,757) (3,190) (29,447) (231) (27,689) - (76,314) 52,137 (24,177) Finance income 18,152 - 14,156 32 21,941 1 54,282 (52,137) 2,145 Gain on disposal of property, vessels and equipment - 24 2,946 77 84,341 - 87,388 - 87,388 Share of results of associates 321 (127) - - 474,353 - 474,547 - 474,547 Share of results of joint ventures - 60,113 - - 3,653 - 63,766 - 63,766 Net (loss)/gain on foreign exchange (133) (2,213) 4 (122) (1) - (2,465) - (2,465) PROFIT (LOSS) BEFORE TAX 213,648 (1,003) 243,522 (15,383) 665,936 - 1,106,720 - 1,106,720 INCOME TAX (EXPENSE) BENEFIT (5,015) 1,021 (34,837) 1,322 (13,476) - (50,985) - (50,985) PROFIT (LOSS) FOR THE PERIOD 208,633 18 208,685 (14,061) 652,460 - 1,055,735 - 1,055,735 Attributable to: Equity holders of the Parent 210,758 18 208,685 (14,061) 652,460 - 1,057,860 - 1,057,860 Non-controlling interest (2,125) - - - - - (2,125) - (2,125) 208,633 18 208,685 (14,061) 652,460 - 1,055,735 - 1,055,735
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the nine-month period ended 30 September 2025 16 14. SEGMENT INFORMATION (CONTINUED) Nine-month period ended 30 September 2024 (Unaudited) Milaha Capital Milaha Maritime and Logistics Milaha Offshore Milaha Trading Milaha Gas and Petrochem Adjustments relating to Milaha Corporate Total segments Adjustments and eliminations Consolidated QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 QR’000 Operating revenues 348,674 619,972 1,061,559 151,723 182,502 - 2,364,430 (233,411) 2,131,019 Salaries, wages and other benefits (10,068) (230,213) (132,501) (19,858) (22,849) (112,149) (527,638) - (527,638) Operating supplies and expenses (25,048) (503,017) (286,655) (131,840) (11,664) (11,340) (969,564) 203,573 (765,991) Rent expenses (2,019) (22,342) (1,605) (2,161) (148) (5,150) (33,425) 27,927 (5,498) Depreciation and amortisation (56,057) (26,361) (175,088) (1,225) (39,763) (1,669) (300,163) - (300,163) (Provision for) / Reversal of impairment of receivables (786) 10,790 7,791 259 - - 18,054 - 18,054 Other operating expenses (4,295) (47,656) (30,949) (1,770) (8,351) (13,295) (106,316) 1,911 (104,405) Allocations relating to fleet and technical services - 234,570 (234,114) - (456) - - - - Allocations relating to Milaha Corporate (13,635) (73,674) (40,341) (8,681) (7,249) 143,580 - - - OPERATING PROFIT (LOSS) 236,766 (37,931) 168,097 (13,553) 92,022 (23) 445,378 - 445,378 Finance costs (14,302) (14,023) (31,283) - (25,858) - (85,466) 65,418 (20,048) Finance income 25,883 13,014 19,545 57 12,044 11 70,554 (65,418) 5,136 Net gain/(loss) on disposal of property, vessels and equipment - 7,709 (632) 398 (17) 12 7,470 - 7,470 Share of results of associates 1,341 208 - - 444,110 - 445,659 - 445,659 Share of results of joint ventures - 26,571 - - 16,876 - 43,447 - 43,447 Net gain/(loss) on foreign exchange 10 (820) (54) (134) (47) - (1,045) - (1,045) PROFIT (LOSS) BEFORE TAX 249,698 (5,272) 155,673 (13,232) 539,130 - 925,997 - 925,997 INCOME TAX BENEFIT (EXPENSE) 31 (796) (7,961) 269 (1,949) - (10,406) - (10,406) PROFIT (LOSS) FOR THE PERIOD 249,729 (6,068) 147,712 (12,963) 537,181 - 915,591 - 915,591 Attributable to: Equity holders of the Parent 251,522 (6,068) 147,712 (12,963) 537,181 - 917,384 - 917,384 Non-controlling interest (1,793) - - - - - (1,793) - (1,793) 249,729 (6,068) 147,712 (12,963) 537,181 - 915,591 - 915,591 Note : Inter-segment revenues are eliminated on consolidation.
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Qatar Navigation Q.P.S.C. NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS As at and for the nine-month period ended 30 September 2025 17 15. COMPARATIVE FIGURES The comparative figures for the previous period have been reclassified, where necessary, in order to conform to the current year’s presentation. Such reclassifications do not affect the previously reported net profits, net assets or equity.