Qatar Navigation (Milaha) reported a 5% year-on-year increase in net profit to QR419mn in the first nine months of this year on account of the earnings expansion in its maritime and logistics business as well as gas and petrochem.
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 & Logistics’ operating revenue increased by QR 18 million and net profit by QR 52 million, driven by lower vessel impairments and higher profit from our ports business.
Milaha Gas & Petrochem’s operating revenue dropped by QR 14 million, with net profit increasing by QR 238 million against the same period last year. These increases were driven by strong performance from our joint venture and associate companies and lower vessel impairments.
Milaha Offshore’s operating revenue increased by QR 118 million. The addition of new vessels and the increase in utilization contributed to the double digit increase in operating profit; however, the bottom line decreased by QR 194 million mainly due to vessel impairments
Milaha Capital’s revenue decreased by QAR 56 million and net profit by QAR 73 million, as a result of 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% in Nakilat.
Milaha Trading’s revenue decreased by QAR 28 million and bottom line decreased by QAR 5 million, with a decline in heavy equipment sales being the main contributing factor.
The company will conduct an investor conference call on Wednesday, October 30th, 2019 at 14:30 Doha time, to further discuss its results.