Qatar Navigation (Milaha) has posted a net profit of QR316mn in six months up to June, up 6% increase on the same period last year.
Earnings per share increased to QR0.28 for the six months period, up from QR0.26 for the same period in 2018.
Milaha said the company earned operating revenues of QR1.26bn in H1, up from QR1.25bn for the same period in 2018.
The company’s operating profit stood at QR230mn for the six months that ended in June, down from QR258mn for the same period in 2018.
Milaha Maritime & Logistics’ revenue decreased by QR14mn with net profit remaining flat at QR65mn against the same period in 2018. Stronger performance in Milaha’s port business offset declines in its logistics and shipyard units.
Milaha Gas & Petrochem’s revenue decreased by QR5mn with net profit increasing by QR181mn, driven by a reduction in vessel impairments compared to 2018, as well as improvements in market shipping rates in the sectors in which it operates.
Milaha Offshore’s revenue increased by QR99mn, however the bottom line decreased by QR95mn.
Despite strong operating performance and increase in operating profit, the segment’s results declined due to vessel impairments.
Milaha Capital’s revenue decreased by QR49mn and net profit by QR62mn, as a result of lower dividends and held for trading portfolio income.
Milaha Trading’s revenue decreased by QR9mn and bottom line decreased by QR5mn with a continued decline in heavy equipment sales being the main contributor to the lower results.
Milaha was established in July 1957 as the first public shareholding company registered in Qatar and holds commercial registration No 1. Milaha’s current activities include marine transportation in gas, petroleum products, containers and bulk, offshore support services, port management and operations, logistics services, shipyard, trading agencies, real estate investments and asset management.