Milaha reports 5% increase in net profit for the nine months ended Sep 30, 2019
Qatar Navigation Q.P.S.C. (Milaha) announced its financial results for the nine months ended September 30, 2019.
Key financial highlights:
· Operating revenues of QR 1.83 billion for the nine months ended September 30, 2019, compared to QR 1.81 billion for the same period in 2018
· Operating profit of QR 276 million for the nine months ended September 30, 2019, compared to QR 314 million for the same period in 2018
· Net profit of QR 419 million for the nine months ended September 30, 2019, compared to QR 400 million for the same period in 2018
· Earnings per share of QR 0.37 for the nine months ended September 30, 2019, compared to QR 0.35 for the same period in 2018
Milaha Maritime & Logistics’ operating revenue increased by QR 18 million and net profit by QR 52 million, driven by lower vessel impairments and higher profit from ports business.
Milaha Gas & Petrochem’s operating revenue dropped by QR 14 million, with net profit increasing by QR 238 million against the same period last year. These increases were driven by strong performance from joint venture and associate companies and lower vessel impairments.
Milaha Offshore’s operating revenue increased by QR 118 million. The addition of new vessels and the increase in utilization contributed to the double digit increase in operating profit; however, the bottom line decreased by QR 194 million mainly due to vessel impairments.
Milaha Capital’s revenue decreased by QAR 56 million and net profit by QAR 73 million, as a result of lower dividends and held for trading portfolio income. This decrease was driven mainly by the liquidation of the majority of the trading portfolio and the reinvestment of the proceeds into acquiring an additional 6% in Nakilat.
Milaha Trading’s revenue decreased by QAR 28 million and bottom line decreased by QAR 5 million, with a decline in heavy equipment sales being the main contributing factor.
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.