Qatar Navigation (Milaha) has posted a net profit of QR344.6 million ($94.57 million) for the three months of 2013, as against QR283.7 million for the same period last year, marking an increase of 21 per cent.

Operating revenues for the first quarter reached QR691.6 million, marking an increase of 9 per cent over the figures for the same period of 2012 (QR 631.6 million).

The company posted an operating Profit of QR282.8 million versus QR232.4 million for the same period in 2012, an increase of 22 per cent year over year.

Earnings per share stood at QR3.01 versus QR2.47 for the same period in 2012.

Milaha’s ongoing internal transformation initiatives along with improved market conditions drove the strong performance, a company statement said.

Volume growth combined with increased efficiencies resulted in a continued upward trend for Milaha’s port services unit. Container shipping, logistics and bulk shipping results also improved significantly over Q1 2012.

Deployment of one new vessel combined with higher utilization of the fleet led to a strong improvement in Halul Offshore’s results relative to Q1 2012.

Milaha’s LNG vessel joint ventures and operating partnerships improved profitability, while lower charter rates led to a modest decline, relative to Q1 2012, for Milaha’s fully owned tankers and gas carriers.

Milaha’s investment portfolio posted strong results, mainly driven by dividend growth, revaluations and market trading activities.

“We are very pleased with the group’s performance as a whole.  Coming on the back of a strong 2012, we have continued our positive trajectory,” said Sheikh Ali bin Jassim Al Thani, chairman and managing director of Milaha.

“The most encouraging aspect is that our core businesses in maritime transport and services have started the year well.”

“The strategic and transformative journey that we began two years ago has started to reflect in the financial performance of the group,” said Khalifa Ali Al-Hetmi, president and chief executive officer of Milaha.

“We intend to continue on this journey to build a stronger, more sustainable Milaha for our shareholders.”

Milaha’s Board of Directors has also approved a share re-purchase programme of up to 5 per cent of the outstanding shares of the company. – TradeArabia News Service