Milaha has reported a 2% year-on-year increase in net profit to QR283mn on operating revenues of QR690mn in the first three months of this year.
The earnings-per-share stood flat at QR0.25 at the end of the first quarter ended March 31, 2020.
Milaha Maritime and Logistics’ net profit decreased by QR11mn mainly due to lower freight forwarding volumes and project work.
The company's Gas and Petrochem division saw its net profit increase by QR69mn, driven by improved market rates, benefitting its wholly owned assets as well as joint ventures and associates.
Milaha offshore business’ bottom line fell by QR60mn, with increased vessel impairments totaling QR74mn more than offsetting higher vessel utilisation.
Milaha Capital’s net profit grew by QR5mn mainly due to gain on sale of land, which offset lower dividend and held for trading portfolio income.
Milaha Trading’s bottom line increased by QR1mn due to the improved operating margins in its bunker and trading agencies units.
Milaha Maritime and Logistics’ net profit decreased by QR11mn mainly due to lower freight forwarding volumes and project work.
The company's Gas and Petrochem division saw its net profit increase by QR69mn, driven by improved market rates, benefitting its wholly owned assets as well as joint ventures and associates.
Milaha offshore business’ bottom line fell by QR60mn, with increased vessel impairments totaling QR74mn more than offsetting higher vessel utilisation.
Milaha Capital’s net profit grew by QR5mn mainly due to gain on sale of land, which offset lower dividend and held for trading portfolio income.
Milaha Trading’s bottom line increased by QR1mn due to the improved operating margins in its bunker and trading agencies units.
