Milaha Reports QAR300 Million Net Profit for First Half of 2020
Qatar Navigation (Milaha) QPSC recently announced their financial results for six months, ended 30 June 2020.
Below are the key highlights of their financial report:
- Operating revenues of QAR1.22 billion for six months ended 30 June 2020, down from QAR1.26 billion for the same period in 2019
- Operating profit of QAR254 million for six months ended 30 June 2020, up from QAR233 million for the same period in 2019
- Net profit of QAR 300 million for six months ended 30 June 2020, down from QAR316 million for the same period in 2019
- Earnings per share of QAR0.26 for six months ended 30 June 2020, down from QAR0.28 for the same period in 2019
The revenue of Milaha Maritime and Logistics decreased by QAR22 million, and their net profit by QAR19 million. Most of the decrease was in their Logistics unit due to volume and project disruptions related to COVID-19.
Milaha Gas and Petrochem revenue increased by QAR22 million, their net profit by QAR117 million. The increases were driven mainly by improved market rates that had a positive impact on wholly-owned assets as well as joint ventures and associates.
Milaha Offshore revenue also increased by QAR31 million and bottom line by QAR7 million. Vessel impairments overshadowed operating profit increases.
Milaha Capital’s revenue decreased by QAR48 million and net profit by QAR121 million, driven mainly by a reduction in investment income coupled with a one-time impairment on real estate asset.
Milaha Trading’s bottom line remained flat against the same period in 2019, despite a reduction in revenue, due to improved operating margins.
Milaha was established in 1957 as the first public shareholding company registered in Qatar. The company’s current activities include marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management.
For updates and more information, visit milaha.com.