Doha: Qatar Navigation (Milaha) yesterday announced its financial results for the nine months ended September 30, 2021 (9M 2021). The company reported a net profit of QR654m for the first nine months of the year, an increase of 70.3 percent compared to QR384m during the same period in 2020. Earnings per share grew to QR0.58 from QR0.34.
The Company’s operating revenues grew to QR2.0bn in 9M 2021 from QR1.7bn during the same period in 2020, while operating profit decreased to QR192m from QR286m.
Milaha Maritime & Logistics’ net profit rose by QR59m compared with the same period last year, driven by continued strong container shipping rates and network optimisation measures.
Milaha Gas & Petrochem’s net profit decreased by QR29m compared to 9M 2020, with weakened tanker shipping rates more than offsetting strong performance from the associate companies.
Milaha Offshore’s bottom line increased by QR201m compared to the same period in 2020, mainly due to a decrease in vessel impairments that was slightly offset by an increase in COVID19-related operating expenses.
Milaha Capital’s net profit rose by QR38m compared with the same period last year, mainly a result of one-time impairments recorded in 2020 not recurring this year.
Milaha Trading’s bottom line grew by QR2m compared with 9M 2020, driven by an increase in heavy equipment sales.
Milaha will conduct an investor conference call tomorrow at 14:00 Doha time.
