Milaha reports QR 271 million increase in Net Profit for the Nine Months Ended Sep 30, 2021

DOHA : Qatar Navigation Q.P.S.C. (“Milaha”) has announced its financial results for the nine months ended September 30, 2021.

Key financial highlights:
•Operating revenues of QR 2.0 billion for the nine months ended
September 30, 2021, compared to QR 1.7 billion for the same period in 2020
•Operating profit of QR 192 million for the nine months ended September 30, 2021, compared to QR 286 million for the same period in 2020
•Net profit of QR 654 million for the nine months ended September 30, 2021, compared to QR 384 million for the same period in 2020
•Earnings per share of QR 0.58 for the nine months ended September 30, 2021, compared to QR 0.34 for the same period in 2020
Milaha Maritime & Logistics’ net profit increased by QR 59 million compared with the same period in 2020, driven by continued strong container shipping rates and network optimization measures.

Milaha Gas & Petrochem’s net profit decreased by QR 29 million compared with the same period in 2020, with weakened tanker shipping rates more than offsetting strong performance from our associate companies.

Milaha Offshore’s bottom line increased by QR 201 million compared with the same period in 2020. The increase was mainly due to a decrease in vessel impairments that was slightly offset by an increase in COVID19-related operating expenses.

Milaha Capital’s net profit increased by QR 38 million compared with the same period in 2020, mainly a result of one-time impairments recorded in 2020 not recurring this year.

Milaha Trading’s bottom line increased by QR 2 million compared with the same period in 2020 driven by an increase in heavy equipment sales.