Qatar Navigation (Milaha) Q.P.S.C. announced its financial results for the twelve months ended December 31, 2018.
Key financial highlights:
· Operating revenues of QAR 2.4 billion for the twelve months ended December 31, 2018, compared to QAR 2.5 billion for the same period in 2017
· Operating profit of QAR 397 million for the twelve months ended December 31, 2018, compared to QAR 448 million for the same period in 2017
· Net profit of QAR 516 million for the twelve months ended December 31, 2018, compared to QAR 470 million for the same period in 2017
· Earnings per share of QAR 4.54 for the twelve months ended December 31, 2018, compared to QAR 4.14 for the same period in 2017
Milaha Maritime & Logistics’ operating revenue decreased by QAR 41 million, and net profit decreased by QAR 54 million, mainly due to vessel impairments taken in our container shipping unit and competitive pressures on container pricing.
Milaha Gas & Petrochem’s operating revenue and net profit essentially remained flat with the same period last year.
Milaha Offshore’s operating revenue improved by QAR 122 million, and bottom line improved by QAR 177 million due to the addition of new vessels, stronger vessel utilization and lower impairment charges.
Milaha Capital’s net profit decreased by QAR 62 million due to lower financial portfolio trading returns.
About Milaha
The company was established in July 1957 as the first public shareholding company registered in Qatar and holds commercial registration no. 1. Milaha’s current activities include marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management.