Doha: Qatar Navigation (Milaha) yesterday announced its financial results for the first six months ended June 30, 2022. The company reported a net profit of QR641m for the first half of the year, a 46 percent increase compared to QR438m for the same period in 2021. Earnings per share stood at QR0.56 for the six months ended June 30, 2022, compared to QR0.39 for the same period in 2021.
Milaha’s operating revenues also grew by 29 percent to QR1.77bn during the first half of 2022, from QR1.37bn during the same period last year.
The company posted a 115 percent rise in operating profit to QR310m in the first half of 2022 from QR144m for the same period in 2021.
Milaha Maritime & Logistics’ net profit increased by QR112m mainly due to strong container shipping rates.
Milaha Gas & Petrochem’s net profit rose by QR48m due to increased income from its associate companies.
Milaha Offshore’s net profit also grew by QR41m, driven mainly by the increased utilisation of key assets and lower provisions and impairments compared to the same period last year.
Milaha Capital’s net profit increased by QR4m, driven by its real estate unit. While Milaha Trading’s bottom line decreased by QR1m, despite increased revenue, due to compressed margins.
The company will conduct an investor conference call today at 1:30pm Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing 00 800 100 443 and entering the Conference ID: 4354459. Further information can be found on the website www.milaha.com
Milaha was established in July 1957 as the first public shareholding company registered in Qatar and holds commercial registration no. 1. The company’s current activities 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.
