Qatar Navigation (Milaha) has earned a net profit of QR278mn in the three months that ended in March, up from QR260mn for the same period in 2018.
The company’s operating revenues stood at QR708mn in the first quarter, up from QR698mn for the same period last year.
The company registered an operating profit of QR214mn for the three months that ended in March, up from QR203mn for the same period in 2018.
Earnings per share (EPS) increased to QR2.45 for the three months that ended in March, up from QR2.29 for the same period last year.
Milaha Maritime & Logistics’ revenue decreased by QR24mn and net profit by QR12mn, driven by a decrease in bulk shipping rates and a vessel impairment charge on our bulk carrier.
Milaha Gas & Petrochem’s revenue increased by QR3mn and net profit by QR50mn, “aided by improvement in market rates and growth in some of the sectors we operate in.”
Milaha Offshore’s revenue increased by QR61mn and bottom line improved by QR6mn on the back of improved utilisation.
Milaha Capital’s revenue decreased by QR22mn and net profit by QR23mn, with lower dividend income from our held for trading portfolio driving most of the reduction.
Milaha Trading’s revenue decreased by QR22mn and bottom line decreased by QR1mn due to the decline in heavy equipment sales.