DOHA: Qatar Navigation Company (Milaha) recorded a net profit of QR518m for the first half of 2014 (H1, 14), a 10 percent year-over-year drop, compared to QR574m posted a year ago.
The company’s earnings per share stood at QR4.56 compared to QR5.05 for the same period in 2013. Operating revenues was QR1.244bn against QR1.240bn compared to a year ago.
“Milaha Capital accounted for the majority of the reduction in net profit (8 percent of the 10 percent), attributable to a steep decline in the Qatar equities market in June, but which has since rebounded”, the company said in a statement.
Milaha’s core maritime segments — Offshore, Maritime & Logistics, Gas & Petrochem – accounted for 3 percent of the reduction in net profit. This was driven mainly by an unexpected decrease in export volumes from Qatar, as well as from lower vessel utilization and vessel delivery delays in the Offshore segment. The decline in Offshore and Maritime & Logistics was partially offset by significantly higher net profit in the Gas & Petrochem segment, as VLGC sector rates showed strong improvement over recent years.
Strong results in Milaha Trading contributed to an increase of 1 percent in the overall net profit, the company noted.“This is our first year on year decline in a while,” said Sheikh Ali bin Jassim Al Thani (pictured), Chairman and Managing Director of Milaha. “And while much of it was not in our control, we are very focused on getting the business back to normal the rest of the year.”