Milaha Reports USD 129 mln Net Profit for 2017
Qatar Navigation (Milaha) reported a net profit of QAR 470 million (USD 129 mln) for the twelve months ended December 31, 2017. Operating revenues decreased by 2% to QAR 2.491 billion for the twelve months ended December 31, 2017, down from QAR 2.551 billion for the same period in 2016. Operating profit decreased by 19% to QAR 448 million for the twelve months ended December 31, 2017, down from QAR 555 million for the same period in 2016. Earnings per share decreased to QAR 4.14 for the twelve months ended December 31, 2017, down from QAR 6.26 for the same period in 2016.
Qatar Navigation Profit Falls in Q2 and H1
Qatar Navigation (Milaha) reported an 85 percent fall in second-quarter net profit, reports Reuters. Second-quarter net profit stood at 30.8 million riyals ($8.5 million) in the three months ending June 30, versus 201.4 million riyals a year earlier. Milaha has also reported a net profit of QR267 million for the six months (H1) ended June 30, 2017, compared to QR553 million for the same period in 2016. The report said that the company is hurt by a global marine downturn and regional sanctions. “We are in the midst of an unusually prolonged global downturn across most marine sectors.
Hapag-Lloyd Stakeholders Okay Capital Increase
Hapag-Lloyd shareholders approved all items on the agenda at today’s Annual General Meeting. In particular, the shareholders approved the creation of new authorised share capital. This is to be used for a planned capital increase of USD 400 million, which is scheduled to take place within six month after the closing of the merger with the Arabian liner shipping company UASC. The closing took place on May 24. Some of the anchor shareholders have committed to backstop the cash capital increase in the amount of USD 400 million.
Milaha Profit Down for 2016
Qatar Navigation (Milaha), a maritime and logistics conglomerate based in Qatar, has reported a net profit of $195 million for the year ended December 31, 2016 compared to $300 million reported the previous year. The fall in the profit was mainly as a result of lower revenue from our Port Services unit, which was affected by a drop in storage and general/bulk cargo revenue, and rate pressure in our Container Shipping unit, which still managed to grow its market share and volumes. Milaha said its operating profit hit QR555 million compared to QR855 million reported the previous year.
Halul Brings OSV Ship Handling Simulator to Qatar
Halul Offshore Services Company, a wholly-owned subsidiary of Milaha, has recently procured an offshore support vessel (OSV) ship handling simulator, which is reportedly the first of its kind in Qatar. Halul said it is now one of the few companies in the Gulf region to own the Netherlands-built simulator, which is normally used in training schools. Chairman of Milaha, HE Sheikh Ali bin Jassim Al Thani, Milaha’s President and CEO, Abdulrahman Essa Al-Mannai, Halul’s CEO, Vivek Seth…
Milaha Appoints New President & CEO
Qatar Navigation (Milaha), a leader in marine transportation offshore support services, port management and logistics services, has appointed Abdulrahman Essa Al-Mannai as its president and chief executive officer. He will succeed Khalifa Ali Al-Hetmi, who had previously announced his plan to retire. Al-Mannai previously led the commercial planning and allocation functions at Qatargas. Having spent his career with Qatargas, he has overseen many areas, including the commercial function of UK’s South Hook LNG Terminal…
Milaha CEO Al-Hetmi to Step Down
Milaha president and CEO, Khalifa Ali Al-Hetmi, will retire in September, the Qatar-based marine transport and logistics conglomerate announced. Having joined Milaha 31 years ago, Al-Hetmi has been at the helm of Milaha for the past seven years. During his tenure as CEO, he oversaw the strategic acquisition of Qatar Shipping and Halul Offshore Services in 2010, and was responsible for the subsequent transformation of the newly created group and the launch of the Milaha brand in 2011.
DNV GL Presents AIP for ‘LNG Ready’ Mega Box Ships
Wednesday at the SMM trade fair in Hamburg, DNV GL presented Hyundai Heavy Industries (HHI) and United Arab Shipping Company (UASC) with an Approval in Principle (AIP), recognizing the technical feasibility of the LNG fuel system design for the A14 and A18 series of container vessels. Tor Svensen, CEO of DNV GL Maritime, made the presentation to Oi Hyun Kim, CEO and COO of HHI’s Shipbuilding Division, and Waleed Al Dawood, COO of United Arab Shipping Company, in the presence of His Excellency Sheikh Ali Bin Jassim Al Thani, UASC Board Member.
Qatari Shipyard Delivers Tugboat in Large Milaha Contract
Qatari shipbuilder Nakilat Damen Shipyards Qatar (NDSQ) say they have delivered to Milaha the 32m-long tug 'Semesma', the eleventh vessel built in the State of Qatar by NDSQ to be utilized by Milaha at the Port of Mesaieed. ASD tug Semesma has a bollard pull of 80 tons and will be used for escorting vessels visiting the Port of Mesaieed. The tug is 32m long with a beam of 13m and has been equipped for offshore towing, firefighting and pollution control. Semesma is part of a 19…
Qatar Navigation (Milaha) Increases Net Profit in H1 2012
Qatar Navigation (Milaha) Q.S.C. announce its financial results for the first half of 2012, ending June 30th. • Operating revenues of QR 1.164 billion vs. QR 1.159 billion for the same period in 2011, an increase of 0.4% year over year. • Operating Profit of QR 320 million vs. QR 300 million for the same period in 2011, an increase of 6.6% year over year. • Net Profit of QR 441 million vs. QR 418 million for the same period in 2011, an increase of 5.5% year over year. • Earnings per share of QR 3.85 vs. QR 3.65 for the same period in 2011. Milaha’s Maritime & Logistics segment showed strongly improved results vs. H1 2011, driven by Port Services and Container Feedering activities.