Doha, Qatar: Qatar Navigation Q.P.S.C. (“Milaha”) yesterday announced its financial results for the nine months ended September 30, 2023. Milaha reported QR870m in net profit for the nine months ended September 30, 2023, compared to QR851m for the same period in 2022, for an Increase of 2%.
The operating revenues of QR2.23bn for the nine months ended September 30, 2023, compared to QR2.56bn for the same period in 2022 and the operating profit of QR404m for the nine months, compared to QR424m for the same period in 2022. The earnings per share of QR0.77 for the nine months ended September 30, 2023, compared to QR0.75 for the same period in 2022.
Milaha Maritime & Logistics’ net profit decreased by QR245m driven by the steep decline in container shipping market rates. Milaha Gas & Petrochem’s net profit increased by QR37m, mainly from the deployment of Milaha’s first Floating Storage & Offloading (FSO) unit, which began operations in the middle of 2022. Milaha Offshore’s net profit increased by QR87m mainly from higher yielding projects and improved utilization of key assets.
Milaha Capital’s net profit increased by QR133m, driven by the non-recurrence of a 2022 real estate property impairment, coupled with increased income from our investment arm.
Milaha Trading’s bottom line increased by QR 6m, mainly from the growth in higher margin product sales.
The company will conduct an investor conference call on Monday, October 23rd at 2:00pm Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing 00 800 101 734 and entering the Conference ID: 2145003.
