Qatar Navigation (Milaha) Q.P.S.C. announced its financial results for the nine months ended September 30, 2017.
Key financial highlights:
- Operating revenues of QR 1.66 billion for the nine months ended September 30, 2017, compared to QR 1.99 billion for the same period in 2016
- Operating profit of QR 200 million for the nine months ended September 30, 2017, compared to QR 513 million for the same period in 2016
- Net profit of QR 363 million for the nine months ended September 30, 2017, compared to QR 759 million for the same period in 2016
- Earnings per share of QR 3.19 for the nine months ended September 30, 2017, compared to QR 6.68 for the same period in 2016
Milaha Maritime & Logistics’ net profit declined by QR 13 million YTD September relative to last year. However, net profit increased significantly quarter-on-quarter, from QR 5 million in Q2 2017 to QR 70 million in Q3 2017, driven mainly by volume increases in Container Shipping and Port Services.
Milaha Gas & Petrochem’s net profit declined by QR 138 million, mainly due to vessel oversupply and depressed rates that have impacted most of the tanker and gas carrier sectors in which Milaha operates, in addition to lower profits from our joint venture operations.
Milaha Offshore’s net profit declined by QAR 126 million (including one-time impairments of QR 57 million), driven mainly by continued global vessel oversupply and lower demand, which negatively impacted charter rates and utilization across the entire sector.
Milaha Trading’s net profit declined by QR 5 million due to lower sales volumes of marine fuels and lubricants.
Milaha Capital’s net profit declined by QR 115 million due to lower held-for-trading investment returns and an available-for-sale investment impairment from the first quarter of 2017.
“The weakness in the shipping and offshore marine sectors continued to negatively impact our results, however, I’m pleased to say that net profit improved significantly quarter-on-quarter from Q2 and Q3. We believe we have good momentum going into Q4,” said H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors.
“We are naturally taking concrete steps to manage our costs, however, we also feel encouraged to see a number of new growth opportunities in the short and medium across our portfolio of services, which will allow us to strengthen our market position,” said Mr. Abdulrahman Essa Al-Mannai, Milaha’s President and CEO.