Mubasher: Qatar Navigation (Milaha) on Tuesday reported that it turned profitable in the fourth quarter of 2017.

The maritime and logistics company's net profits reached QAR 107.08 million ($29.69 million) in Q4-17, compared losses of QAR 47.27 million ($13.11million) in the same period a year earlier, according to a filing to the Qatar Stock Exchange (QSE).

For the full year 2017, Milaha’s profits dropped 34% to QAR 469.83 million from QAR 711.46 million in the same period a year before.

Earnings per share amounted to QAR 4.14 for the year ended 31 December 2017 versus QAR 6.26 in the prior year, the statement showed.

The company's board recommended distributing 35% of the share par value in cash dividends, which equals QAR 3.5 per share.