Milaha reports Net Profit of QR 363 mn for 9 Months ended Sept 2017

Posted by Daily Shipping Times on 27-10-2017        Tweet

DOHA, QATAR: Qatar Navigation (Milaha) Q. P. S. C. announced its financial results for the nine months ended September 30, 2017. 

Milaha Maritime & Logistics’ net profit increased significantly quarter-on-quarter, from QR 5 million in Q2 2017 to QR 70 million in Q3 2017, driven mainly by volume increases in Container Shipping and Port Services. The other business verticals of the company reported lower profits in first 9 months of current year compared to its corresponding last year.

 Key financial highlights:

•             Operating revenues of QR 1.66 billion for the nine months ended September 30, 2017

•             Net profit of QR 363 million for the nine months ended September 30,

•             2017 Earnings per share stood at QR 3.19 for the nine months ended September 30, 2017

“The weakness in the shipping and offshore marine sectors continued to negatively impact our results, however, I’m pleased to say that net profit improved significantly quarter-on-quarter from Q2 and Q3. We believe we have good momentum going into Q4,” said H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors.

“We are naturally taking concrete steps to manage our costs, however, we also feel encouraged to see a number of new growth opportunities in the short and medium across our portfolio of services, which will allow us to strengthen our market position,” said Mr. Abdulrahman Essa Al-Mannai, Milaha’s President and CEO.