DOHA: Qatar Navigation (Milaha) Q.P.S.C. announced its financial results for the six months ended June 30, 2017.
Key financial highlights:
• Operating revenues of QR 1.1 billion for the six months ended June 30, 2017, compared to QR 1.4 billion for the same period in 2016
• Operating profit of QR 170 million for the six months ended June 30, 2017, compared to QR 378 million for the same period in 2016
• Net profit of QR 267 million for the six months ended
June 30, 2017, compared to QR 553 million for the same period in 2016
• Earnings per share of QR 2.35 for the six months ended June 30, 2017, compared to QR 4.86 for the same period in 2016
Milaha Maritime & Logistics’ net profit declined by QR 46 million, mainly due to continued pricing pressure in container shipping, and lower profits from our Ports business.
Milaha Gas & Petrochem’s net profit declined by QR 96 million driven by depressed rates and vessel oversupply that have impacted most of the tanker and gas carrier sectors we operate in, in addition to lower profits from our joint venture operations.
Milaha Offshore’s net profit declined by QAR 30 million (excluding one-time impairments of QR 45 million), driven mainly by global vessel oversupply which in turn has continued to depress charter rates and utilisation.
Milaha Trading’s net profit declined marginally by QR 1 million due to lower sales volumes of marine fuels and lubricants.
Milaha Capital’s net profit declined by QR 68 million due to lower held for trading investment returns and an available for sale investment impairment from the first quarter of 2017.
“We are in the midst of an unusually prolonged global downturn across most marine sectors. However, we remain financially strong and will continue to invest prudently for the long term,” said H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors.
“We are actively taking steps to mitigate the impact of the current downturn, from both a cost as well as revenue perspective. In this regard, we see a number of short and medium term opportunities to position ourselves more strongly for when markets improve,” said Mr. Abdulrahman Essa Al-Mannai, Milaha’s President and CEO.