Milaha Reports Improved H1 Profits

Shipping conglomerate Qatar Navigation (Milaha) Q.P.S.C. announced its financial results for the six months ended June 30, 2018, reporting operating revenues of QAR 1.25 billion for the six months ended June 30, 2018, up from QAR 1.15 billion for the same period in 2017.

The company’s operating profit for the period also rose to QAR 258 million, up from QAR 170 million for last year’s same period. A net profit of QAR 297 million beat last year’s QAR 267 million, while earnings per share increased to QAR 2.62, up from QAR 2.35.

Milaha Maritime & Logistics’ revenue increased by QAR 82 million and net profit by QAR 36 million, on the back of higher volumes at Hamad Port and new shipping routes in the company’s container shipping unit.

Milaha Gas & Petrochem’s operating profit increased by QAR 5 million; however, vessel impairments drove overall net profit lower by QAR 145 million.

Milaha Offshore’s bottom line increased by QAR 9 million due to increase in vessel utilization rates and overall improvement in the offshore sector.

Milaha Capital’s profits increased by QAR 138 million largely due to improved returns from the financial investments portfolio.

Milaha Trading’s net profit declined by QAR 9 million as a result of lower heavy equipment sales.