Milaha Reports 10% Increase in Net Profit

Qatar Navigation (Milaha) Q.P.S.C. has announced its financial results for the nine months ended September 30, 2018.  

Key financial highlights:
•Operating revenues of QAR 1.8 billion ($494 mln) for the nine months ended September 30, 2018, compared to QAR 1.7 billion ($466 mln) for the same period in 2017
•Operating profit of QAR 314 million ($86 mln) for the nine months ended September 30, 2018, compared to QAR 200 million ($54 mln) for the same period in 2017
•Net profit of QAR 400 million ($109 mln) for the nine months ended September 30, 2018, compared to QAR 363 million ($99 mln) for the same period in 2017
•Earnings per share of QAR 3.52  for the nine months ended September 30, 2018, compared to QAR 3.19 for the same period in 2017

Milaha Maritime & Logistics’ operating revenue increased by QAR 21 million ($5.7 mln) while net profit declined by QAR 55 million ($15 mln) mainly due to QAR 43 million ($11.8 mln) vessel impairments taken in our container shipping unit in the third quarter.

Milaha Gas & Petrochem’s operating revenue remained flat with the same period last year while net profit declined by QAR 135 million ($37 mln) mainly due to vessel impairments recorded during the first half of 2018.

Milaha Offshore’s operating revenue increased by QAR 32 million ($8.7 mln) mainly due to increase in vessel utilization, while the bottom line increased by QAR 67 million ($18.4 mln) due to a decline in impairment charges in 2018 versus the same period last year.

Milaha Capital’s net profit increased by QAR 168 million ($46 mln) due to higher dividend income and higher financial portfolio trading returns.