Milaha reports net profit of QR 959 million for the Nine Months Ended September 30, 2015

Dubai, October 25th, 2015: Qatar Navigation (Milaha) Q.S.C. today announced its financial results for the nine months ended September 30, 2015.  Milaha delivered a net profit of QAR 959 million for the first nine months of 2015, a 17% increase compared to the same period in 2014.
 
Key financial highlights:
•    Operating revenues increased by 17% to QAR 2.31 billion for the nine months ended September 30, 2015, up from QR 1.97 billion for the same period in 2014
•    Operating profit increased by 29% to QAR 699 million for the nine months ended September 30, 2015, up from QR 540 million for the same period in 2014
•    Net profit increased by 17% to QAR 959 million for the nine months ended September 30, 2015, up from QR 821 million for the same period in 2014
•    Earnings per share increased to QAR 8.44 for the nine months ended September 30, 2015, up from QR 7.22 for the same period in 2014

Milaha Maritime & Logistics’ revenue grew by 30% and net profit by 151%, due mainly to the port and container shipping units, which were positively impacted by significant growth in trade volumes, driven largely by an increase in project and infrastructure activity in Qatar.

Milaha Gas & Petrochem’s revenue grew by 52% and net profit by 18%, on the back of robust charter rates from its fully owned and operated product tankers and gas carriers as well as from its investments in associates.    

Milaha Offshore’s revenue grew by 29% and net profit by 120%, driven largely by the strong performance in its diving services business.

Milaha Trading’s revenue grew by 12% and net profit by 100% on the back of strong equipment sales driven largely by the ongoing projects in Qatar.
 
Despite outperforming the Qatar Exchange index, the performance of the actively traded investment portfolio of Milaha Capital experienced a decline, resulting in a 33% drop in net profit compared to the same period in 2014.   

“We are very pleased with our operating results for this reporting period.  We have remained focused and disciplined in executing our strategic priorities, and as a result, we continue to deliver strong financial performance and create value for our shareholders,” said HE Sheikh Ali bin Jassim Al Thani, Chairman of Milaha.