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Milaha Reports QAR 870 million in Net Profit for the Nine Months Ended Sep 30, 2023

  18 October 2023

Milaha Reports QAR 870 million in Net Profit for the Nine Months Ended Sep 30, 2023, Compared to QAR 851 million for the Same Period in 2022, for an Increase of 2%

18 October 2023

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

Key financial highlights:

  • Operating revenues of QAR 2.23 billion for the nine months ended September 30, 2023, compared to QR 2.56 billion for the same period in 2022
  • Operating profit of QAR 404 million for the nine months ended September 30, 2023, compared to QAR 424 million for the same period in 2022
  • Net profit of QAR 870 million for the nine months ended September 30, 2023, compared to QAR 851 million for the same period in 2022
  • Earnings per share of QAR 0.77 for the nine months ended September 30, 2023, compared to QAR 0.75 for the same period in 2022

Milaha Maritime & Logistics’ net profit decreased by QAR 245 million driven by the steep decline in container shipping market rates.

Milaha Gas & Petrochem’s net profit increased by QAR 37 million, mainly from the deployment of Milaha’s first Floating Storage & Offloading (FSO) unit, which began operations in the middle of 2022.

Milaha Offshore’s net profit increased by QAR 87 million mainly from higher yielding projects and improved utilization of key assets.

Milaha Capital’s net profit increased by QAR 133 million, driven by the non-recurrence of a 2022 real estate property impairment, coupled with increased income from our investment arm.

Milaha Trading’s bottom line increased by QAR 6 million, mainly from the growth in higher margin product sales.

The company will conduct an investor conference call on Monday, October 23rd at 2:00pm Doha time, to further discuss its results.  The conference call may be accessed by telephone by dialing and entering the Conference ID: 2145003.

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