Qatar Navigation Q P S C : Milaha Reports QAR 363 Million Net Profit for the First Quarter 2023
April 18, 2023 at 04:53 pm EDT
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Qatar Navigation Q.P.S.C. (Milaha), has announced its financial results for the first quarter ended March 31, 2023.
Key financial highlights:
Operating revenues of QAR 766 million for the three months ended March 31, 2023, compared to QR 913 million for the same period in 2022
Operating profit of QAR 210 million for the three months ended March 31, 2023, compared to QAR 194 million for the same period in 2022
Net profit of QAR 363 million for the three months ended March 31, 2023, compared to QAR 360 million for the same period in 2022
Earnings per share remained flat at QAR 0.32 for the three months ended March 31, 2023 and for the same period in 2022
Milaha Maritime & Logistics' net profit decreased by QAR 64 million, mainly due to a drop in container shipping rates from near record highs witnessed over the same period in 2022.
Milaha Gas & Petrochem's net profit decreased by QAR 8 million, mainly a result of lower income from associate companies.
Milaha Offshore's net profit increased by QAR 53 million, due to improved operating efficiency coupled with the acquisition of higher margin projects.
Milaha Capital's net profit increased by QAR 18 million, driven mainly by reduced provisions recorded in 2022.
Milaha Trading's bottom line increased by QAR 5 million due to the expansion of our ship chandlering activities and integrated higher margin product offerings.
The company will hold an investor relations conference call on Wednesday, April 19, 2023, at 2:00 pm (Doha time) to discuss the financial results for the first quarter of 2023. The conference call may be accessed by telephone by dialing 00 800 101 734 and entering the Conference ID: 2013178. Further information can be found on our website www.milaha.com .
Qatar Navigation QSC published this content on 18 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 April 2023 20:52:22 UTC.
Qatar Navigation QPSC is a Qatar-based public shareholding maritime and logistics company, which provides integrated transport and supply chain solutions. The Company, along with its subsidiaries, is engaged primarily in marine transport, acting as agent to foreign shipping lines, offshore services, sale of heavy vehicles, ship repair, fabrication and installation of offshore structures, land transport, chartering of vessels, real estate, investment in listed and unlisted securities, trading of aggregates, building materials and the operation of a travel agency. It is organized into the following business segments: Milaha Capital, Milaha Maritime and Logistics, Milaha Offshore, Milaha Trading, Milaha Gas and Petrochem and Milaha Corporate. Its subsidiaries include: Qatar Shipping Co QSC, Halul Offshore Services Co WLL, Macgregor Qatar Navigation Co WLL, Peninsula LNG Transport No 2 Ltd and Iraq Qatar Transport and Shipping Services Co Ltd, among others.
QATAR NAVIGATION Q.P.S.C. 
