Milaha, which has accorded top priority to operational efficiency, has bid for managing New Hamad Port, whose first phase is expected to be operational by the end of this year.
Moreover, its Milaha Offshore unit will expand its fleet size to meet current and future market demand both in the region and beyond, Milaha board, chaired by Sheikh Ali bin Jassim bin Mohamad al-Thani, yesterday informed the shareholders at the annual general assembly meeting, which approved 50% cash dividend and net profit of QR1.1bn in 2015.
“The company is awaiting the results of the tender to manage the New Hamad Port, for which a bid has been submitted,” it said without disclosing further details.
Hamad Port will be fully operational by the end of 2016 when Container Terminal 1 will offer a capacity of 2mn containers per year.
The QR27bn project - consisting of a new container port, naval base and a special economic zone - is expected to greatly reduce transportation costs and time.
Milaha (formerly Qatar Navigation) has put in the bid to manage the port through its port services arm, which now manages Doha Port, the main commercial port in Qatar.
Highlighting that operational efficiency continued to be a focus in 2015, Milaha said the unit increased its berth productivity by 11% reaching 16 moves per hour and the average waiting time at anchorage was reduced to zero.
The company - which also manages Container Terminal 7 at Mesaieed Port, on behalf of Qatar Petroleum, and provides cargo handling and stevedoring services for the general cargo berth - handled increased volumes through efficient resource utilisation, i.e. using the same manpower levels it employed in the previous year.
Its shipping agencies unit saw revenue increase 13% year-on-year in 2015, driven largely by additional vessel calls related to the new Hamad Port construction, and more generally, related to infrastructure and other projects currently underway in Qatar.
Highlighting that the sharp decline in oil prices, coupled with weakening economic conditions globally, has brought new challenges for it, Sheikh Ali said despite the increasingly challenging business environment in Qatar as well as globally, the company achieved its financial targets for 2015.
Milaha will not only withstand the current headwinds, but also position it for sustainable future growth, he said.
On Milaha Offshore, the company said as a part of its medium-term growth plan, it continues to invest in sophisticated vessels capable of meeting current and future market requirements, both in the region and beyond.
Milaha Offshore took delivery of one vessel ‘Halul 45’ in 2015, and is expected to take delivery of additional vessels in 2016, enhancing its existing capabilities in maintenance and well services.
At present, it has a total fleet of 40, which includes anchor handling tugs (nine), safety standby vessels (eight), construction support vessels (six), platform support vessels (five), DP2 anchor handling tugs supply vessels (four), diving support vessels and multi-purpose support vessels (three each) and wireline support vessels (two).
Milaha’s real estate development team is now actively engaged in the Ain Khaled Residential Project, consisting of three and four bedroom villas; Al Thumama Project, developing three warehouses (one frozen/chilled and two temperature controlled); and Ras Laffan Project, developing a workshop in Ras Laffan Industrial City.