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QNBFS remains optimistic on Milaha in longer-term

Business Doha 27 Apr 22
QNBFS remains optimistic on Milaha in longer-term
QNB Financial Services announces that it remains bullish longer-term on the Milaha growth story.
Fee
Event Location
Qatar, Qatar
Area
Doha
Start Time
27 April 2022, 12:00 AM
End Time
31 May 2022, 12:00 AM
Website

QNB Financial Services (QNBFS) has announced that it remains optimistic longer-term on the Milaha growth story.

QNBFS said in a company report published recently: ‘‘Over the period of 2011-2021, Milaha has always traded at a significant discount to its sum-of-the-parts, sometimes worth only the value of its investment stake in Nakilat and its equity and bond portfolio. This remains the case currently, with Milaha’s “non-core” assets along with its net cash position, making up more than 100 percent of the company’s market cap. This implies that investors get Milaha’s ‘core’ or operating businesses for almost free.’’

The report revealed Milaha Gas and Petrochem, Milaha Maritime & Logistics and Milaha Offshore were key drivers of earnings growth.

Commenting on Milaha’s first-quarter results announced recently, the report said, ‘‘Milaha posted earnings of QR360.4 million in the first quarter of 2022, which was up 21.3 percent YoY and 415.9 percent QoQ. Reported earnings were in-line with our estimate of QR352.2 million. We note Milaha usually benefits from significant dividend income in the March quarter generally leading to sizable QoQ earnings growth. Relative to our model, all segments excluding Milaha Capital posted moderately better-than-expected earnings.’’


Qatar business news 2022QNBFS Milaha 2022



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