Dubai, UAE — Qatar Navigation (Milaha) Q.P.S.C. recently announced its financial results for the nine months ended September 30, 2016.
Key financial highlights:
Operating revenues of QR 1.99 billion for the nine months ended September 30, 2016, compared to QR 2.30 billion for the same period in 2015
Operating profit of QR 513 million for the nine months ended September 30, 2016, compared to QR 686 million for the same period in 2015
Net profit of QR 759 million for the nine months ended September 30, 2016, compared to QR 959 million for the same period in 2015
Earnings per share of QR 6.68 for the nine months ended September 30, 2016, compared to QR 8.44 for the same period in 2015
Milaha Maritime & Logistics’ overall revenue declined by 13%. The Port Services unit continued to be negatively impacted by lower revenues from ancillary services, non-containerized general cargo, and RORO. In addition, despite growing market share and volumes, the Container Shipping unit was negatively impacted by rate pressure.
Milaha Gas & Petrochem’s revenue grew by 24% as a result of the full period impact of the investment in two LNG carriers made in the second half of 2015.
Milaha Offshore’s revenue declined by 17%. Weakness in oil prices and the resulting cuts in investments by the oil and gas majors continued to weigh down results in this segment.
Milaha Trading’s revenue dropped by 26% driven by lower heavy equipment sales as compared to the high levels witnessed last year.
Milaha Capital’s revenue declined by 21% with lower dividend income from the first quarter continuing to hamper full segment results.
‘Due to the weaker macroeconomic conditions and volatility in our core sectors, we continue to operate in a challenging environment. In the face of these difficult times, however, Milaha remains focused on investing for the future and pursuing the best growth opportunities domestically and internationally,’ said H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors.
For his part, Mr. Abdulrahman Essa Al-Mannai, Milaha’s President and CEO, said: ‘Shipping is experiencing some of the most difficult conditions we have seen since the financial crisis. Despite these difficulties and the drop in earnings relative to the same period last year, Milaha’s net profit margin remains a healthy 38%.’