Doha: Qatar Navigation (Milaha) Q.P.S.C. has announced net profit of QR438m for the six months ended June 30, 2021, compared to QR300m for the same period in 2020, representing a growth of 46 percent.
The company reported the operating revenues of QR1.37bn for the six months ended June 30, 2021, compared to QR 1.23bn for the same period in 2020. It announced operating profit of QR144m for the six months ended June 30, 2021, compared to QR254m for the same period in 2020. Earnings per share increased to QR0.39 for the six months ended June 30, 2021 compared to QR0.26 for the same period in 2020.
Milaha Maritime & Logistics’ net profit increased by QR24m mainly due to strong shipping rates, increased volumes, and internal optimization measures in our container shipping unit. Milaha Gas & Petrochem’s net profit decreased by QR40m, with drastically reduced tanker market rates driving the reduction.
Milaha Offshore’s bottom line increased by QR108m, driven by reduced vessel impairments compared to the same period last year. Milaha Capital’s net profit increased by QR43m. This increase is mainly due to lower impairments compared to the same period last year.
Milaha Trading’s bottom line increased by QR 2m driven by increased heavy equipment sales volume. The company will conduct an investor conference call on Sunday, July 25 at 2:00pm Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing 00 800 100 443 and entering the Conference ID: 7892673. Further information can be found on our website www.milaha.com.
Milaha 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.
