Qatar: Milaha Sees Net Profit Growth

Qatar Navigation (Milaha) Q.S.C. announced its financial results for the 9 months ended September 30th, 2013. 

Highlights:

  • Operating revenues of QR 1.69 billion vs. QR 1.70 billion for the same period in 2012, a decrease of 0.2% year over year.
  • Operating Profit of QR 569 million vs. QR 436 million for the same period in 2012, an increase of 30% year over year.
  • Net Profit of QR 778 million vs. QR 637 million for the same period in 2012, an increase of 22% year over year.
  • Earnings per share of QR 6.81 vs. QR 5.57 for the same period in 2012.

Four of Milaha’s five segments showed significantly improved results, with double digit net profit growth.

Milaha’s Maritime & Logistics segment net profit improved 13% during the first 9 months of 2013 vs. the same period in 2012, driven mainly by port services and container transport operations.  In addition, gains from the sale of under-performing assets throughout 2013 helped drive bottom line growth.

Milaha’s Offshore segment net profit improved 18%, driven largely by the addition of new vessels to the fleet.

Milaha Gas & Petrochem net profit grew by 17% overall, driven by increased revenues from LNG joint ventures and despite continued weakness through the first half of the year in VLGC rates.

I’m pleased that all our core segments showed much stronger performance relative to last year. We have so far had a record year profit-wise and the results are due to a combination of both stronger market conditions as well as dedicated efforts internally to continuously improve on the way we conduct business.” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha.

LNG World News Staff, October 29, 2013; Image: Milaha

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