DOHA: Qatar Navigation’s (Milaha) net profit touched QR260m for the three months ended March 31, 2018, up from QR236m recorded for the same period in 2017.
Milaha’s operating revenues reached QR698m in the first quarter, up from QR648m recorded in Q1, 2017.
The company recorded an operating profit of QR203m, compared to QR185m a year ago and the Earnings per share increased to QR2.29 for the three months ended March 31, 2018, up from QR2.08 for the same period in 2017.
Milaha Maritime & Logistics’ revenue increased by QR65m and net profit by QR29m as a result of volume growth in our Ports business, and better operating margins in our Container Shipping unit. Milaha Gas & Petrochem’s revenue decreased by QR5m and net profit by QR54m.
Low shipping rates and the knock-on effect on vessel valuations in the sectors we operate continue to put a damper on profits.
Milaha Offshore’s revenue decreased by QR29m and bottom line by QR13m as Milaha Capital’s revenue increased by QR45m and net profit by QR65m with higher dividend income from our equity portfolios driving most of the growth.
Milaha Trading’s revenue was increased by QR12m and net profit decreased by QR3m due to decreased margins on equipment and bunker sales.
The company will conduct an investor conference call on Thursday, May 3 at 2pm to further discuss its results.
