DOHA: Qatar Navigation Company (Milaha) (QE: QNNS) Tuesday announced a net profit of QR 778 million for the nine-month period ending September 30.
An increase by 22 percent year-on-year compared to QR 637 million reported for the corresponding period in 2012.
The company's Earnings per Share (EPS) amounted to QR 6.81 compared to QR 5.57 for the same period in 2012, the company said today.
Its operating revenues of QR 1.69 billion compared to QR 1.70 billion for the same period last year is a marginal dip by 0.2 percent.
The operating profit of QR 569 million compared QR 436 million for the same period is an increase of 30 percent year-on-year.
Commenting on the good financial results, Milaha Chairman and Managing Director Sheikh Ali bin Jassim Al Thani said, "I'm pleased that all our core segments showed much stronger performance compared to last year."
"We have so far had a record year profit-wise and the results are due to a combination of both stronger market conditions as well as dedicated efforts internally to continuously improve on the way we conduct business."
Four of Milaha’s five segments showed significantly improved results, with double digit net profit growth.
Milaha's Maritime and Logistics segment net profit improved 13 percent during the first nine months of 2013 compared to the same period in 2012, driven mainly by port services and container transport operations.
In addition, gains from the sale of under-performing assets throughout 2013 helped drive bottom line growth.
The company, established in July 1957 and the first public shareholding company registered in Qatar.
Improved by 18 percent its offshore segment net profit, propelled largely by the addition of new vessels to the fleet.
Milaha Gas and Petrochem net profit grew by 17 percent overall, driven by increased revenues from LNG joint ventures and despite continued weakness through the first half of the year in VLGC rates.
Milaha's core businesses 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. (QNA)