Sheikh Ali bin Jassim Al Thani
DOHA: Qatar Navigation’s (Milaha) net profit for the nine-months ended September 2016 stood at QR759m, compared to QR959 for the same period in 2015. The company recorded an operating revenue of QR1.99bn, down from QR2.30bn reported a year ago.
Milaha’s Earnings per share for the nine months ended September 30, 2016 was QR6.68, compared to QR8.44 for the corresponding period in 2015. Milaha Maritime & Logistics’ overall revenue declined by 13 percent. The Port Services unit continued to be negatively impacted by lower revenues from ancillary services, non-containerized general cargo, and RORO. In addition, despite growing market share and volumes, the Container Shipping unit was negatively impacted by rate pressure.
Milaha Gas & Petrochem’s revenue grew by 24 percent as a result of the full period impact of the investment in two LNG carriers made in the second half of 2015.
Milaha Capital’s revenue declined by 21 percent with lower dividend income from the first quarter continuing to hamper full segment results.
“Due to the weaker macroeconomic conditions and volatility in our core sectors, we continue to operate in a challenging environment. In the face of these difficult times, however, Milaha remains focused on investing for the future and pursuing the best growth opportunities domestically and internationally,” said Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors.
Abdulrahman Essa Al-Mannai, Milaha’s President and CEO, said: “Shipping is experiencing some of the most difficult conditions we have seen since the financial crisis. Despite these difficulties and the drop in earnings relative to the same period last year, Milaha’s net profit margin remains a healthy 38 percent.”
