Milaha has reported more than 10% year-on-year growth in net profit to QR260mn in the first three months of this year, mainly on earnings expansion in its maritime and capital businesses.
The company's operating profit was QR203mn compared to QR185mn in the year-ago period and operating revenues amounted to QR698mn, up from QR648mn for the corresponding period in 2017.
Milaha Maritime and Logistics’ revenues increased by QR65mn and net profit by QR29mn owing to volume growth in its ports business, and better operating margins in the container shipping unit.
A higher dividend income from equity portfolios helped Milaha Capital’s revenue expand QR45mn and net profit QR65mn.
Nevertheless, Milaha Gas and Petrochem’s revenue decreased by QR5mn and net profit by QR54mn. Low shipping rates and the knock-on effect on vessel valuations in the sectors it operates continue to put a damper on profits, its spokesman said.
Milaha Offshore’s revenue decreased by QR29mn and bottom line by QR13mn. In the case of Milaha Trading, revenue increased QR12mn but net profit declined QR3mn due to the decreased margins on equipment and bunker sales.
