Qatar Navigation Q.P.S.C. (Milaha) today announced its financial results for the nine months ended September 30, 2019.
Key financial highlights:
- Operating revenues of QR 1.83 billion for the nine months ended September 30, 2019, compared to QR 1.81 billion for the same period in 2018
- Operating profit of QR 276 million for the nine months ended September 30, 2019, compared to QR 314 million for the same period in 2018
- Net profit of QR 419 million for the nine months ended September 30, 2019, compared to QR 400 million for the same period in 2018
- Earnings per share of QR 0.37 for the nine months ended September 30, 2019, compared to QR 0.35 for the same period in 2018
Milaha Maritime & Logistics’ operating revenue increased by QR 18 million and net profit by QR 52 million, driven by lower vessel impairments and higher profit from our ports business.
Milaha Gas & Petrochem’s operating revenue dropped by QR 14 million, with net profit increasing by QR 238 million against the same period last year. These increases were driven by strong performance from our joint venture and associate companies and lower vessel impairments.
Milaha Offshore’s operating revenue increased by QR 118 million. The addition of new vessels and the increase in utilization contributed to the double digit increase in operating profit; however, the bottom line decreased by QR 194 million mainly due to vessel impairments
Milaha Capital’s revenue decreased by QAR 56 million and net profit by QAR 73 million, as a result of lower dividends and held for trading portfolio income. This decrease was driven mainly by the liquidation of the majority of the trading portfolio and the reinvestment of the proceeds into acquiring an additional 6% in Nakilat.
Milaha Trading’s revenue decreased by QAR 28 million and bottom line decreased by QAR 5 million, with a decline in heavy equipment sales being the main contributing factor.
The company will conduct an investor conference call on Wednesday, October 30th, 2019 at 14:30 Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing Qatar Toll Free Number: 00 800 100 443 and entering the Conference ID: 1877333. Further information can be found on our website www.milaha.com.
-Ends-
About Milaha
The company was established in July 1957 as the first public shareholding company registered in Qatar and holds commercial registration no. 1. Milaha’s current activities include 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.
The legal entity, Qatar Navigation Q.P.S.C. (QNNS), is publically listed on the Qatar Exchange. For further details please visit the company’s website www.milaha.com
For additional information, please contact:
Shareholder Relations
Tel: +974 4494 9873; Fax: +974 4483 3244
Email: ysakhawy@milaha.com
Corporate Communications
Tel: +974 4494 9624; Fax: +974 4483 3244
Email: maljehani@milaha.com
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
