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Milaha's Net Profit Increases 11per cent to QAR 297 Million for the first half of calendar year 2018

Qatar Navigation (Milaha) net profits increased by eleven per cent during the first half of the current calendar year 2018. The shipping company has announced its financial results for the six months that ended on June 30. 

Key financial highlights of the company include:

Operating revenues of QAR 1.25billion for the six months ended June 30, 2018, up from QAR 1.15 billion for the same period in 2017

Operating profit of QAR 258 million for the six months ended June 30, 2018, up from QAR 170million for the same period in 2017

Net profit of QAR 297 million for the six months ended June 30, 2018, up from QAR 267million for the same period in 2017

Earnings per share increased to QAR 2.62for the six months ended June 30, 2018, up from QAR 2.35 for the same period in 2017

Milaha Maritime &Logistics’revenue increased by QAR 82 million and net profit by QAR 36 million,on the back of higher volumes at Hamad Port and new shipping routes in our Container Shipping unit. 

Milaha Gas & Petrochem’soperating profit increased by QAR 5 million; however,vessel impairments drove overall net profit lower by QAR 145 million.

Milaha Offshore’sbottom line increased by QAR 9 milliondue toincrease in vessel utilization rates and overall improvement in the offshore sector.

Milaha Capital’sprofits increased by QAR 138 million largely due to improved returns from the financial investments portfolio.

Milaha Trading’snet profitdeclined by QAR 9 million as a result of lower heavy equipment sales. 

The company will conduct an investor conference call on Thursday, August 2 at 14:00 hrs Doha time, to further discuss its results.  The conference call may be accessed by telephone by dialing Qatar toll free 00 800 100 443and entering Conference ID: 9796271. Further information can be found on our website www.milaha.com.
 

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.
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