Milaha Reports Net Profit of QAR 278 Million for Q1 2019

28 April 2019

Doha, Qatar – Qatar Navigation (Milaha) Q.P.S.C. today announced its financial results for the three months ended March 31, 2019.

Key financial highlights:

• Operating revenues of QAR 708 million for the three months ended March 31, 2019, up from QR 698 million for the same period in 2018
• Operating profit of QAR 214 million for the three months ended March 31, 2019, up from QAR 203 million for the same period in 2018
• Net profit of QAR 278 million for the three months ended March 31, 2019, up from QAR 260 million for the same period in 2018
• Earnings per share increased to QAR 2.45 for the three months ended March 31, 2019, up from QAR 2.29 for the same period in 2018

Milaha Maritime & Logistics’ revenue decreased by QAR 24 million and net profit by QAR 12 million, driven by a decrease in bulk shipping rates and a vessel impairment charge on our bulk carrier.

Milaha Gas & Petrochem’s revenue increased by QAR 3 million and net profit by QAR 50 million, aided by improvement in market rates and growth in some of the sectors we operate in.

Milaha Offshore’s revenue increased by QAR 61 million and bottom line improved by QAR 6 million on the back of improved utilization.

Milaha Capital’s revenue decreased by QAR 22 million and net profit by QAR 23 million, with lower dividend income from our held for trading portfolio driving most of the reduction.

Milaha Trading’s revenue decreased by QAR 22 million and bottom line decreased by QAR 1 million due to the decline in heavy equipment sales.

The company will conduct an investor conference call on Monday, April 29 at 2:00pm Doha time, to further discuss its results.  The conference call may be accessed by telephone by dialing 00 800 100 443 and entering the Conference ID: 4671277.  Further information can be found on our website www.milaha.com.

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About Milaha

The company was established in July 1957 as the first public shareholding company registered in Qatar and holds commercial registration no. 1. Milaha’s current activities include marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management.

The legal entity, Qatar Navigation Q.P.S.C. (QNNS), is publicly listed on the Qatar Exchange. For further details please visit the company’s website www.milaha.com.

For additional information, please contact:

Shareholder Relations
Tel: +974 4494 9873; Fax: +974 44949886
Email:  ysakhawy@milaha.com

Corporate Communications
Tel: +974 4494 9624; Fax: +974 4483 3244
Email:  maljehani@milaha.com