Qatar Navigation (Milaha) reported a net profit of QR278m for the three months ended March 31, 2019, up from QR260m reported for the same period in 2018. Milaha’s operating revenues stood at QR708m for the three months, up from QR698m for the same period in 2018.
The operating profit rose to QR214m from QR203m and Earnings per share increased to QR2.45, up from QR2.29 for the same period in 2018 Milaha Maritime & Logistics’ revenue decreased by QR24m and net profit by QR12m, driven by a decrease in bulk shipping rates and a vessel impairment charge on bulk carrier. Milaha Gas & Petrochem’s revenue increased by QR3m and net profit by QR50m, aided by improvement in market rates and growth in some of the sectors Milaha operates in. Milaha Offshore’s revenue increased by QR61m and bottom line improved by QR6m on the back of improved utilization. Milaha Capital’s revenue decreased by QR22m and net profit by QR23m, with lower dividend income from our held for trading portfolio driving most of the reduction.
Milaha Trading’s revenue decreased by QR22m and bottom line decreased by QR1m due to the decline in heavy equipment sales. The company will conduct an investor conference call today at 2pm, to further discuss its results.
