Qatar: Milaha reports net profit of $100mln in Q1

Qatar: Milaha reports net profit of $100mln in Q1

Qatar - Qatar Navigation Q.P.S.C. (Milaha) reported an operating revenue of QR766m for the three months ended March 31, 2023, compared to QR 913m for the same period in 2022 according to the financial results announced by the company for the first quarter ended March 31, 2023.

The company posted an operating profit of QR210m for the three months ended March 31, 2023, compared to QR194m for the same period in 2022 and a net profit of QR363m for the first three months this year compared to QR360m for the same period in 2022.

Earnings per share remained flat at QR 0.32 for the three months in 2023 and for the same period in 2022.

Milaha Maritime and Logistics’ net profit decreased by QR64m mainly due to a drop in container shipping rates from near record highs witnessed over the same period in 2022.

Milaha Gas and Petrochem’s net profit decreased by QR 8m mainly a result of lower income from associate companies. Milaha Offshore’s net profit increased by QR53m due to improved operating efficiency coupled with the acquisition of higher margin projects. Milaha Capital’s net profit increased by QR 18m driven mainly by reduced provisions recorded in 2022. Milaha Trading’s bottom line increased