Milaha Reports QAR 648 million in Net Profit for H1 2023 compared to QAR 641 million for the same period in 2022
 

6 August 2023

Doha, Qatar - Qatar Navigation Q.P.S.C.(“Milaha”) today announced its financial results for the six months ended June 30, 2023.

Key financial highlights:

• Operating revenues of QAR 1.51 billion for the six months ended June 30, 2023, compared to QR 1.77 billion for the same period in 2022
• Operating profit of QAR 344 million for the six months ended June 30, 2023, compared to QAR 310 million for the same period in 2022
• Net profit of QAR 648 million for the six months ended June 30, 2023, compared to QAR 641 million for the same period in 2022
• Earnings per share increased to QAR 0.57 for the six months ended June 30, 2023, compared to QAR 0.56 for the same period in 2022

Milaha Maritime & Logistics’ net profit decreased by QAR 152 million as container shipping rates dropped from near record highs.

Milaha Gas & Petrochem’s net profit increased by QAR 20 million, largely driven by Milaha’s first Floating Storage & Offloading (FSO) unit, which began operations in the middle of 2022.

Milaha Offshore’s net profit increased by QAR 99 million from higher yielding projects and improved operating efficiency.

Milaha Capital’s net profit increased by QAR 35 million, driven by increased income from our investment unit along with reduced provisions recorded in 2022.

Milaha Trading’s bottom line increased by QAR 6 million, mainly from higher margin product offerings and sales.

The company will conduct an investor conference call on Monday, August 7th at 11:30am Doha time, to further discuss its results.  The conference call may be accessed by telephone by dialing 00 800 101 734 and entering the Conference ID: 6254903.