DOHA: Qatar Navigation (Milaha) recorded a net profit of QR297m for the first half of 2018 (H1, 18), up 11 percent compared to QR267m posted during the same period in 2017. Milaha’s operating revenues reached QR1.25bn, up from QR1.15bn on Year-on-Year.
The company’s operating profit rose to QR258m from QR170m and earnings per share increased to QR2.62 from QR2.35.
Milaha Maritime &Logistics’ revenue increased by QR82m and net profit rose by QR36m, on the back of higher volumes at Hamad Port and new shipping routes in the Container Shipping unit. Milaha Gas & Petrochem’s operating profit increased by QR5m; however, vessel impairments drove overall net profit lower by QR145m.
Milaha Offshore’s bottom line increased by QR9m due to increase in vessel utilization rates and overall improvement in the offshore sector. Driven by improved returns from financial investments, Milaha Capital’s profits rose by QR138m.
Milaha Trading’s net profit was declined by QR9m due to lower heavy equipment sales.
