Milaha reports 5% increase in nine-month net profit to QR419mn
October 28 2019 09:12 PM
Milaha

Earnings expansion in its maritime and logistics business as well as gas and petrochem helped Milaha report a 5% year-on-year increase in net profit to QR419mn in the first nine months of this year.
The company's earnings-per-share was QR0.37 compared to QR0.35 for the same period in 2018.
Operating revenues stood at QR1.83bn for the nine months ended September 30, 2019, against QR1.81bn for the same period in 2018.
Milaha Maritime and Logistics’ operating revenue increased by QR18mn and net profit by QR52mn, driven by lower vessel impairments and higher profit from its ports business.
Milaha Gas and Petrochem’s operating revenue was down QR14mn, while net profit grew by QR238mn against the same period last year, driven by strong performance from its joint venture and associate companies and lower vessel impairments.
Milaha Offshore saw its operating revenue increase by QR118mn. The addition of new vessels and the increase in utilisation contributed to the double digit increase in operating profit; but the bottom line declined by QR194mn mainly due to vessel impairments.
Milaha Capital’s revenue and net profit decreased by QR56mn and QR73mn respectively, owing to lower dividends and 'held-for-trading' portfolio income.
“This decrease was driven mainly by the liquidation of the majority of the trading portfolio and the reinvestment of the proceeds into acquiring an additional 6% stake in Nakilat,” a company spokesman said.
Milaha Trading’s revenue was down QR28mn and bottom line fell by QR5mn, with a decline in heavy equipment sales being the main contributing factor.



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