Doha: Qatar Navigation (Milaha) yesterday announced its financial results for the nine months ended September 30, 2022, and reported a net profit of QR851m, showing an increase of 30 percent compared to QR654m recorded in the first nine months of 2021.
The Company’s Operating revenues grew to QR2.56bn for the first nine months of the year, compared to QR2.03bn for the same period last year. Operating profit grew to QR424m for the nine months ended September 30, 2022, compared to QR192m for the same period in 2021. Earnings per share increased to QR0.75 from QR0.58 for the same period last year.
Milaha Maritime & Logistics’ net profit increased by QR126m, driven by strong container shipping rates. While Milaha Gas & Petrochem’s net profit grew by QR57m, mainly due to the increase in income from the associate companies.
Milaha Offshore’s bottom line increased by QR84m, led by strong utilisation of assets, increased project income, and lower provisions and impairments. While Milaha Capital’s net profit decreased by QR71m, with an asset impairment more than offsetting increases in rental income and investment returns.
Milaha Trading’s bottom line remained flat with the same period last year.
The company will conduct an investor conference call on Thursday, October 20 at 2:00pm Doha time, to further discuss the financial results. The conference call may be accessed by telephone by dialing +44 203 481 4247 and entering the Conference ID: 1304690.
