Milaha announced its financial results for the six months
Qatar Navigation (Milaha) Q.P.S.C. announced its financial results for the six months ended June 30, 2020.
Key financial highlights:
- Operating revenues of QAR 1.22 billion for the six months ended June 30, 2020, down from QR 1.26 billion for the same period in 2019
- Operating profit of QAR 254 million for the six months ended June 30, 2020, up from QAR 233 million for the same period in 2019
- Net profit of QAR 300 million for the six months ended June 30, 2020, down from QAR 316 million for the same period in 2019
- Earnings per share of QAR 0.26 for the six months ended June 30, 2020, down from QAR 0.28 for the same period in 2019
- Milaha Maritime & Logistics’ revenue decreased by QAR 22 million and net profit by QAR 19 million. Most of the decrease was in our Logistics unit due to volume and project disruptions related to COVID19.
Milaha Gas & Petrochem’s revenue increased by QAR 22 million and net profit by QAR 117 million. The increases were driven mainly by improved market rates that had a positive impact on our wholly owned assets as well as our joint ventures and associates.
Milaha Offshore’s revenue increased by QAR 31 million and bottom line by QAR 7 million. Vessel impairments overshadowed operating profit increases.
Milaha Capital’s revenue decreased by QAR 48 million and net profit by QAR 121 million driven mainly by a reduction in investment income coupled with a one-time impairment on a real estate asset.
Milaha Trading’s bottom line remained flat against the same period in 2019, despite a reduction in revenue, due to improved operating margins.
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.