Milaha net profit $300m

01 March 2016

Qatar Navigation (Milaha) has delivered a net profit of QR1.095 billion ($300.6 million) for the full-year of 2015, a 4 per cent increase compared to the same period in 2014.

Its operating profit increased 18 per cent to QR772 million, up from QR656 million in 2014, the company reported.

Milaha’s earnings per share increased to QR9.63, up from QR9.23 in 2014.

Additionally, Milaha Maritime & Logistics’ revenue grew by 26 per cent and net profit by 133 per cent, driven by strong trade volume growth related to increased infrastructure and other project activity in Qatar.

Milaha Gas & Petrochem’s revenue grew by 51 per cent and net profit by 6 per cent on the back of strong performance from its fully owned and operated product tankers and gas carriers, as well as investments in associates. 

Milaha Offshore’s revenue grew by 21 per cent and net profit by 5 per cent with stronger diving operations leading the way.

Milaha Trading’s revenue grew by 6 per cent and net profit by 67 per cent, with heavy equipment sales for ongoing projects in Qatar driving most of the growth.

Milaha Capital’s revenue declined by 22 per cent and net profit by 41 per cent, mainly due to lower returns in the actively traded investment portfolio. 

Milaha chairman Sheikh Ali bin Jassim Al Thani said: “Despite an increasingly challenging business environment, 2015 was another good year for Milaha. Our core operations have performed exceptionally well, posting double-digit revenue growth, as well as positive net profit growth.”

More Stories