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Milaha announces net profit of $71.3m in Q1

DOHA, 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.

The company also reported operating revenues of QR698 million ($191.6 million), up from QR648 million ($177.9 million) for the same period in 2017, said a statement.

Milaha’s operating profit during Q1 rose to QR203 million ($55.74 million), from QR185 million ($50.8 million) for the same period in 2017, it said.

The company’s earnings per share increased to QR2.29 ($0.63), compared to QR2.08 ($0.57) for the same period in 2017.

Milaha Maritime & Logistics’ revenue increased by QR65 million ($17.8 million) and net profit by QR29 million ($7.9 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 QR5 million ($1.37 million) and net profit by QR 54 million ($14.8 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 QR29 million ($7.96 million) and bottom line by QR13 million ($3.56 million).

Milaha Capital’s revenue increased by QR45 million ($12.35 million) and net profit by QR65 million ($17.8 million) with higher dividend income from our equity portfolios driving most of the growth.

Milaha Trading’s revenue increased by QR12 million ($3.29 million) and net profit decreased by QR3 million ($823,836) due to decreased margins on equipment and bunker sales. 

The company will conduct an investor conference call on May 3, to further discuss its results, it stated. – TradeArabia News Service




Tags: | Net Profit | Q1 | Milaha |

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