Qatar Navigation (Milaha) Q.S.C. today announced its financial results for the 9 months ended September 30th, 2012.

Summary financial results are as follows:

• Operating revenues of QR 1.75 billion vs. QR 1.69 billion for the same period in 2011, an increase of 4% year over year.
• Operating Profit of QR 452 million vs. QR 381 million for the same period in 2011, an increase of 19% year over year.
• Net Profit of QR 637 million vs. QR 584 million for the same period in 2011, an increase of 9% year over year.
• Earnings per share of QR 5.57 vs. QR 5.10 for the same period in 2011.

Milaha’s Maritime & Logistics segment net profit strongly improved during the first 9 months of 2012 vs. the same period in 2011, driven by port operations and container transport activities.

Continued weakness in product tanker rates resulted in lower net profit for the Gas & Petrochem segment relative to 2011; however the segment performance improved in both the second and third quarters.

YTD net profit for Milaha’s Offshore segment was lower relative to 2011, largely due to weaker performance in the first quarter, although results have improved over Q2 and Q3.

“While general weakness in the global maritime sector, combined with volatility, continues to have a negative impact, our strong position in the local and regional supply chain has helped offset this weakness to a large extent,” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha. “Our strategic investments and non-core reserve portfolio continue to provide a strong buffer against the global market conditions.”

Beginning Q1 2012, Milaha began reporting segment financials under its new structure, following the re-alignment of the company into a corporate entity and strategic business pillars.

The company will conduct an investor conference call on November 5th, 2012 at 3 pm Doha time, to further discuss its results. The conference call, organized by QNB Financial Services, may be accessed by telephone by dialing 0808 238 0673 (UK Free Call) and +44 (0) 1452 569 335 (UK and International) and entering the Conference ID: 57519517.