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29 Apr 2018

Milaha Reports Net Profit of QAR 260 Million for Q1 2018

Milaha Reports Net Profit of QAR 260 Million for Q1 2018
Qatar Navigation (Milaha) Q.P.S.C. today announced its financial results for the three months ended March 31, 2018. 
Key financial highlights:
  • Operating revenues of QAR 698 million for the three months ended March 31, 2018, up from QR 648 million for the same period in 2017
  • Operating profit of QAR 203 million for the three months ended March 31, 2018, up from QAR 185 million for the same period in 2017
  • Net profit of QAR 260 million for the three months ended March 31, 2018, up from QAR 236 million for the same period in 2017
  • Earnings per share increased to QAR 2.29 for the three months ended March 31, 2018, up from QAR 2.08 for the same period in 2017
Milaha Maritime & Logistics’ revenue increased by QAR 65 million and net profit by QAR 29 million as a result of volume growth in our Ports business, and better operating margins in our Container Shipping unit.
Milaha Gas & Petrochem’s revenue decreased by QAR 5 million and net profit by QAR 54 million.  Low shipping rates and the knock-on effect on vessel valuations in the sectors we operate continue to put a damper on profits. 
Milaha Offshore’s revenue decreased by QAR 29 million and bottom line by QAR 13 million.
Milaha Capital’s revenue increased by QAR 45 million and net profit by QAR 65 million with higher dividend income from our equity portfolios driving most of the growth.
Milaha Trading’s revenue increased by QAR 12 million and net profit decreased by QAR 3 million due to decreased margins on equipment and bunker sales. 

The company will conduct an investor conference call on Thursday, May 3 at 2:00pm Doha time, to further discuss its results.  The conference call may be accessed by telephone by dialing 00 8000 100 443 and entering the Conference ID: 6756765.  Further information can be found on our website www.milaha.com.