DOHA: Qatar Navigation (Milaha) recorded a net profit of QR821m for the first nine months ended September 2014, up 5.5 percent compared to QR778m delivered during the corresponding period a year ago. Milaha’s operating revenues rose by 13.1 percent to QR1.97bn and earnings per share increased to QR7.22 from QR6.85.
After relatively disappointing first half results, Milaha recovered strongly in the third quarter to show year-to-date profit growth. The recovery was driven by strong growth in trade volumes and a rebound in the equities market.
Year-on-year, the results for Milaha’s core maritime segments — offshore, maritime and logistics, gas and petrochem — improved slightly. This was driven by higher net profit in the gas and petrochem segment, which benefited from stronger VLGC rates and higher profits from Milaha’s stake in Qatar Gas Transport Co (Nakilat), which more than offset weaker performance in the offshore and maritime and logistics segments. “We are pleased to have got back on track after a somewhat disappointing first half,” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha.
The Peninsula
