Milaha reports QR 365 million in net profit for Q1 2024

QATAR : Qatar Navigation Q.P.S.C. (Milaha), has announced recently its financial results for the three months ended March 31, 2024.

Key Financial Highlights:

• Operating revenues of QAR 747 million for the three months ended March 31, 2024, compared to QR 766 million for the same period in 2023.
• Operating profit of QAR 208 million for the three months ended March 31, 2024, compared to QAR 210 million for the same period in 2023.
• Net profit of QAR 365 million for the three months ended March 31, 2024, compared to QAR 363 million for the same period in 2023.
• Earnings per share remained flat at QAR 0.32 for the three months ended March 31, 2024, and for the same period in 2023.

Milaha Maritime & Logistics’ net profit decreased by QAR 33 million, driven by reduced overall volumes and business activity when compared to the same period in 2023, as well as a reduction in profits from our joint arrangement partners.

Milaha Gas & Petrochem’s net profit increased by QAR 30 million, primarily as a result of higher income from our associate companies.

Milaha Offshore’s net profit decreased by QAR 3 million compared to Q1 2023, with the non-recurrence of a favorable accounting adjustment recorded in 2023 and increased tax provisions for 2024, more than offsetting improved operational performance.

Milaha Capital’s net profit increased by QAR 15 million, led by higher income from our financial investments’ portfolio.
Milaha Trading’s bottom line decreased by QAR 7 million from reduced sales of heavy equipment, bunker, and associated ancillary services.