Doha: Qatar Navigation (Milaha) delivered a net profit of QR959m for the first nine months of 2015, a 17 percent increase compared to the same period in 2014. Milaha announced Sunday its financial results for the nine months ended September 30, 2015.
Earnings per Share (EPS) amounted to QR8.44 for the nine months period ended September 30, 2015 compared to EPS of QR7.22 for the same period of the previous year, the company said in a statement.
Milaha Maritime and Logistics’ revenue grew by 30 percent and net profit by 151 percent, due mainly to the port and container shipping units, which were positively impacted by significant growth in trade volumes, driven largely by an increase in project and infrastructure activity in Qatar.
Meanwhile, Milaha Gas and Petrochem’s revenue grew by 52 percent and net profit by 18 percent, on the back of robust charter rates from its fully owned and operated product tankers and gas carriers as well as from its investments in associates.
Milaha Offshore’s revenue grew by 29 percent and net profit by 120 percent, driven largely by the strong performance in its diving services business. Milaha Trading’s revenue also grew by 12 percent and net profit by 100 percent on the back of strong equipment sales driven largely by the ongoing projects in Qatar.
Despite outperforming the Qatar Exchange index, the performance of the actively traded investment portfolio of Milaha Capital experienced a decline, resulting in a 33 percent drop in net profit compared to the same period in 2014, according to the statement.
"We are very pleased with our operating results for this reporting period. We have remained focused and disciplined in executing our strategic priorities, and as a result, we continue to deliver strong financial performance and create value for our shareholders," the Chairman of Milaha Sheikh Ali bin Jassim Al Thani said.
QNA
