Milaha Profit Rises in Q1

Qatar-based maritime transport and logistics company Qatar Navigation (Milaha) reported an increase in net profit for the first three months of the year.

Net profit for the period under review reached 278 million Qatari Riyals ($76.4 million) which compares to 260 Qatari Riyals in the first three months of 2018, Milaha reported.

The operating revenues of QAR 708 million for the three months ended March 31, 2019, up from QR 698 million for the same period in 2018 and the operating profit of QAR 214 million for the three months ended March 31, 2019, up from QAR 203 million for the same period in 2018.

Milaha Maritime & Logistics’ revenue decreased by QAR 24 million and net profit by QAR 12 million, driven by a decrease in bulk shipping rates and a vessel impairment charge on our bulk carrier.

Milaha Gas & Petrochem’s revenue increased by QAR 3 million and net profit by QAR 50 million, aided by improvement in market rates and growth in some of the sectors we operate in.

Milaha Offshore’s revenue increased by QAR 61 million and bottom line improved by QAR 6 million on the back of improved utilization.

Milaha Capital’s revenue decreased by QAR 22 million and net profit by QAR 23 million, with lower dividend income from our held for trading portfolio driving most of the reduction.

Milaha Trading’s revenue decreased by QAR 22 million and bottom line decreased by QAR 1 million due to the decline in heavy equipment sales.