Qatar Navigation (Milaha) yesterday announced its financial results for the first half of 2019, showing net profit of QR316m for the six months ended June 30, 2019, up by 6 percent from QR297m for the same period in 2018.
Earnings per share increased to QR0.28 for the six months ended June 30, 2019, up from QR0.26 for the same period in 2018. The company reported operating revenues of QR1.26bn for the six months ended June 30, 2019, up from QR1.25bn for the same period in 2018, and operating profit of QR230m for the six months ended June 30, 2019, down from QR258m for the same period in 2018.
Milaha Maritime & Logistics’ revenue decreased by QR14m with net profit remaining flat at QR65m against the same period in 2018. Stronger performance in our port business offset declines in our logistics and shipyard units.
Milaha Gas & Petrochem’s revenue decreased by QR5m, with net profit increasing by QR181m, driven by a reduction in vessel impairments compared to 2018, as well as improvements in market shipping rates in the sectors in which we operate.
Milaha Offshore’s revenue increased by QR99m, however the bottom line decreased by QR95m. Despite strong operating performance and increase in operating profit, the segment’s results declined due to vessel impairments. Milaha Capital’s revenue decreased by QR49m and net profit by QR62m, as a result of lower dividends and held for trading portfolio income.
