Qatar Navigation Q.P.S.C. (“Milaha”) has announced its financial results for the twelve months ended December 31, 2021.
Key financial highlights:
Operating revenues of QR 2.78 billion for the twelve months ended December 31, 2021, compared to QR 2.27 billion for the same period in 2020
Operating profit before impairments of QR 253 million for the twelve months ended December 31, 2021, compared to QR 279 million for the same period in 2020
Net profit of QR 724 million for the twelve months ended December 31, 2021, compared to QR 59 million for the same period in 2020
Earnings per share of QR 0.64 for the twelve months ended December 31, 2021, compared to QR 0.05 for the same period in 2020
Milaha Maritime & Logistics’ net profit increased by QR 121 million compared with the same period in 2020. Strong container shipping rates coupled with network optimization measures improved profitability.
Milaha Gas & Petrochem’s net profit increased by QR 72 million compared with the same period in 2020 driven mainly by higher results from our joint venture and associate companies.
Milaha Offshore’s bottom line increased by QR 438 million compared with the same period in 2020. The improvement was mainly attributable to a decrease in vessel impairments.
Milaha Capital’s net profit increased by QR 34 million compared with the same period in 2020. The net increase is mainly due to a reduction in impairments.
Milaha Trading’s bottom line decreased by QR 1 million compared with the same period in 2020. Despite increased heavy equipment and bunker sales, margin erosion brought overall performance down.