Qatar Navigation (Milaha) has reported a net profit of QR384m for the first nine months of this financial year ended September 30, 2020 compared to QR419m for the corresponding period in 2019.
Operating revenues of the Group stood at QR1.71bn for the nine months period, compared to QR1.83bn for the same period in 2019. However, the operating profit of Milaha has marginally increased to QR286m, compared to QR280m for the same period in 2019.
Earnings per share of the company stood at QR0.34 for the nine months ended September 30, 2020, compared to QR0.37 for the same period in 2019.
Milaha Maritime & Logistics’ operating revenue decreased by QR62m and net profit by QR27m compared with the same period in 2019. The segment was negatively impacted by COVID-19-related increases in health and safety expenses and disruptions in supply chains which caused volume and work reductions.
Milaha Gas & Petrochem’s operating revenue increased by QR29m, with net profit increasing by QR135m against the same period last year. The increases were driven by higher market shipping rates and strong performance from our joint venture and associate companies. Milaha Offshore’s operating revenue increased by QR13m, with the bottom line decreasing by QR14m versus the same period in 2019. Despite a strong 3-point increase in operating margin from 11 percent in 2019 to 14 percent in 2020, the segment’s results were dragged down by vessel impairments.
Milaha Capital’s revenue decreased by QR65m and net profit by QR128m compared to the same period in 2019. Gains on sale of properties were more than offset by lower rental income and a one-time impairment on an investment property.
Milaha Trading’s revenue decreased by QR74m and bottom line decreased by QR1m, with declines in heavy equipment sales being the main contributing factor. The company will conduct an investor conference call on Wednesday (October 26) at 14:30 Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing Qatar Toll Free Number: 00 800 100 443 and entering the Conference ID: 8910927.
