Qatar-based maritime transport and logistics company Qatar Navigation (Milaha) wrapped up the first quarter of this year with a net profit rise of about 7 percent.
For the three months ended March 31, 2019, the company delivered a net profit of QAR 278 million (USD 76.4 million), up from QAR 260 million (USD 71.4 million) reported in the corresponding period last year.
Operating revenues increased to QAR 708 million in Q1 2019 from QAR 698 million seen in Q1 2018.
In addition, operating profit rose to QAR 214 million in the first quarter of 2019 from QAR 203 million recorded in the corresponding three-month period in 2018.
Milaha posted increases in overall results despite mixed results delivered by the company’s business units.
Specifically, Milaha Maritime & Logistics’ revenue was down by QAR 24 million and net profit by QAR 12 million, driven by a decrease in bulk shipping rates and a vessel impairment charge on the company’s bulk carrier.
On the other hand, Milaha Gas & Petrochem’s revenue increased by QAR 3 million and net profit by QAR 50 million, aided by improvement in market rates and growth in some of the sectors Milaha operates in.
Additionally, Milaha Offshore’s revenue increased by QAR 61 million and bottom line improved by QAR 6 million on the back of improved utilization.
However, Milaha Capital’s revenue decreased by QAR 22 million and net profit by QAR 23 million and Milaha Trading’s revenue dropped by QAR 22 million and bottom line by QAR 1 million.
Established in 1957, Milaha focuses on marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management.