Milaha Reports Net Profit of $71.3M
Aiswarya Lakshmi
April 29, 2018
Qatar Navigation (Milaha), a leading maritime and logistics conglomerate, has reported a net profit of QR260 million ($71.3 million) for the first quarter of 2018, up from QR236 million ($64.80 million) for the same period in 2017.
Milaha Maritime & Logistics’ revenue increased by QAR 65 million and net profit by QAR 29 million as a result of volume growth in our Ports business, and better operating margins in our Container Shipping unit.
Milaha Gas & Petrochem’s revenue decreased by QAR 5 million and net profit by QAR 54 million. Low shipping rates and the knock-on effect on vessel valuations in the sectors we operate continue to put a damper on profits.
Milaha Offshore’s revenue decreased by QAR 29 million and bottom line by QAR 13 million.
Milaha Capital’s revenue increased by QAR 45 million and net profit by QAR 65 million, with higher dividend income from our equity portfolios driving most of the growth.
Milaha Trading’s revenue increased by QAR 12 million and net profit decreased by QAR 3 million due to decreased margins on equipment and bunker sales.
