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Milaha Sees Increase in 1H2021 Net Profit

Qatar Navigation (Milaha) Q.P.S.C. announced its financial results for the six months ended June 30, 2021.

Key financial highlights:
• Operating revenues of QAR 1.37 billion for the six months ended June 30, 2021, compared to QR 1.23 billion for the same period in 2020
• Operating profit of QAR 144 million for the six months ended June 30, 2021, compared to QAR 254 million for the same period in 2020
• Net profit of QAR 438 million for the six months ended June 30, 2021, compared to QAR 300 million for the same period in 2020
• Earnings per share increased to QAR 0.39 for the six months ended June 30, 2021compared to QAR 0.26 for the same period in 2020

Milaha Maritime & Logistics’ net profit increased by QAR 24 million mainly due to strong shipping rates, increased volumes, and internal optimization measures in our container shipping unit.

Milaha Gas & Petrochem’s net profit decreased by QAR 40 million, with drastically reduced tanker market rates driving the reduction.

Milaha Offshore’s bottom line increased by QAR 108 million, driven by reduced vessel impairments compared to the same period last year.

Milaha Capital’s net profit increased by QAR 43 million. This increase is mainly due to lower impairments compared to the same period last year.

Milaha Trading’s bottom line increased by QAR 2 million driven by increased heavy equipment sales volume.

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