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25 Apr 2017

Milaha Reports Net Profit of QR 236 Million for Q1 2017

Milaha Reports Net Profit of QR 236 Million for Q1 2017
Qatar Navigation (Milaha) Q.P.S.C. today announced its financial results for the three months ended March 31, 2017. 

Key financial highlights:
  • Operating revenues of QR 648 million for the three months ended March 31, 2017, compared to QR 767 million for the same period in 2016
  • Operating profit of QR 185 million for the three months ended March 31, 2017, compared to QR 256 million for the same period in 2016
  • Net profit of QR 236 million for the three months ended March 31, 2017, compared to QR 352 million for the same period in 2016
  • Earnings per share of QR 2.12 for the three months ended March 31, 2017, compared to QR 3.10 for the same period in 2016

Milaha Maritime & Logistics’ net profit declined by QR 14 million, mainly as a result of continued rate pressure in our Container Shipping unit. 
Milaha Gas & Petrochem’s net profit declined by QR 46 million as a result of a global downturn in shipping rates that impacted all major sectors we operate in.
Milaha Offshore’s net profit decreased by QR 25 million, with QR 22 million of that related to impairments.  
Milaha Capital’s net profit decreased by QR 21 million, mainly due to impairments in available for sale investments.
Milaha Trading’s net profit decreased by QR 4 million, as a result of a weaker demand for commercial trucks and heavy equipment.

“We are continuing to face the same market challenges as in 2016, but we remain confident in our ability to drive growth and capitalize on new opportunities while exercising financial discipline,” said H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors.
 
For his part, Milaha’s President and CEO Mr. Abdulrahman Essa Al-Mannai said: “Given the difficult environment we are working in, we posted solid operational results.  We will continue moving ahead with our multi-year growth strategy to build a stronger and more sustainable business.”

The company will conduct an investor conference call on Thursday, April 27th, 2017 at 3 pm Doha time, to further discuss its results.  The conference call may be accessed by telephone by dialing +44 (0) 1452 555566 (UK and International) and entering the Conference ID: 10483648.  Further information can be found on our website www.milaha.com.