Doha: Qatar Navigation (Milaha) yesterday announced a net profit of QR283m for the first quarter of 2020, an increase of 2 percent, compared to QR278m for the same period in 2019. Earnings per share remained unchanged at QR0.25 for the first three months ended March 31, 2020 and for the same period in 2019.
Milaha’s operating revenues stood at QR690m for the first quarter, down from QR710m for the same period last year. Operating profit slipped to QR200m, from QR216m for the same period in 2019.
Milaha Maritime & Logistics’ net profit decreased by QR11m, mainly due to lower freight forwarding volumes and project work. Milaha Gas & Petrochem’s net profit increased by QR69m, driven by improved market rates benefitting both the company’s wholly owned assets and joint ventures and associates. Milaha Offshore’s bottom line decreased by QR60m, with increased vessel impairments totalling QR74m more than offsetting higher vessel utilisations. Milaha Capital’s net profit increased by QR5m mainly due to gain on sale of land which offset lower dividend and held for trading portfolio income. Milaha Trading’s bottom line also increased by QR1m, due to improved operating margins in the company’s bunker and trading agencies units.
Milaha will conduct an investor conference call on Monday at 1:30pm Doha time, to further discuss its first quarter financial results. The conference call may be accessed by telephone by dialing 00 800 100 441 and entering the Conference ID: 792125. Further information can be found on the company’s website.
