Milaha Reports 6% increase in Net Profit in H1 2019

Qatar Navigation (Milaha) Q.P.S.C. announced its financial results for the six months ended June 30, 2019.

Key financial highlights:

• Operating revenues of QAR 1.26 billion for the six months ended June 30, 2019, up from QR 1.25 billion for the same period in 2018
• Operating profit of QAR 230 million for the six months ended June 30, 2019, down from QAR 258 million for the same period in 2018
• Net profit of QAR 316 million for the six months ended June 30, 2019, up from QAR 297 million for the same period in 2018
• Earnings per share increased to QAR 0.28 for the six months ended June 30, 2019, up from QAR 0.26 for the same period in 2018

Milaha Maritime & Logistics’ revenue decreased by QAR 14 million with net profit remaining flat at QAR 65 million against the same period in 2018. Stronger performance in our port business offset declines in our logistics and shipyard units.

Milaha Gas & Petrochem’s revenue decreased by QAR 5 million, with net profit increasing by QAR 181 million, driven by a reduction in vessel impairments compared to 2018, as well as improvements in market shipping rates in the sectors in which we operate.

Milaha Offshore’s revenue increased by QAR 99 million, however the bottom line decreased by QAR 95 million. Despite strong operating performance and increase in operating profit, the segment’s results declined due to vessel impairments.

Milaha Capital’s revenue decreased by QAR 49 million and net profit by QAR 62 million, as a result of lower dividends and held for trading portfolio income.

Milaha Trading’s revenue decreased by QAR 9 million and bottom line decreased by QAR 5 million with a continued decline in heavy equipment sales being the main contributor to the lower results.

The company will conduct an investor conference call on Tuesday, July 30 at 1:00pm Doha time, to further discuss its results.
Source: Milaha