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Milaha Reports a 21% Increase in Net Profit for Q1 2022

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Herons Logistics

QATAR : Qatar Navigation (Milaha) announced its financial results for the three months ended March 31, 2022.

Key financial highlights:
• Operating revenues of QAR 913 million for the three months ended March 31, 2022, compared to QR 675 million for the same period in 2021
• Operating profit of QAR 194 million for the three months ended March 31, 2022, compared to QAR 131 million for the same period in 2021
• Net profit of QAR 360 million for the three months ended March 31, 2022, compared to QAR 297 million for the same period in 2021
• Earnings per share increased to QAR 0.32 for the three months ended March 31, 2022 compared to QAR 0.26 for the same period in 2021

Milaha Maritime & Logistics’ net profit increased by QAR 46 million on the back of continued strong container shipping rates and internal optimization measures.

Milaha Gas & Petrochem’s net profit increased by QAR 21 million, mainly a result of higher income from our associate companies.

Milaha Offshore’s net profit increased by QAR 6 million, driven by strong revenue growth and increased performance of key assets.

Milaha Capital’s net profit decreased by QAR 8 million, with lower investment income partially offset by increased real estate profits.

Milaha Trading’s bottom line decreased by QAR 1 million due to margin compression in our marine & lubricant business.

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