Qatar Navigation Q P S C : Milaha Reports QAR 648 million in Net Profit for H1 2023
August 06, 2023 at 01:34 pm EDT
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Milaha Reports QAR 648 million in Net Profitfor H1 2023 compared to QAR 641 million for the same period in 2022
6 August 2023
Doha, Qatar- Qatar Navigation Q.P.S.C.("Milaha") today announced its financial results for the six months ended June 30, 2023.
Key financial highlights:
Operating revenues of QAR 1.51 billion for the six months ended June 30, 2023, compared to QR 1.77 billion for the same period in 2022
Operating profit of QAR 344 million for the six months ended June 30, 2023, compared to QAR 310 million for the same period in 2022
Net profit of QAR 648 million for the six months ended June 30, 2023, compared to QAR 641 million for the same period in 2022
Earnings per share increased to QAR 0.57 for the six months ended June 30, 2023, compared to QAR 0.56 for the same period in 2022
Milaha Maritime & Logistics'net profit decreased by QAR 152 million as container shipping rates dropped from near record highs.Milaha Gas & Petrochem'snet profit increased by QAR 20 million, largely driven by Milaha's first Floating Storage & Offloading (FSO) unit, which began operations in the middle of 2022.Milaha Offshore'snet profit increased by QAR 99 million from higher yielding projects and improved operating efficiency.Milaha Capital'snet profit increased by QAR 35 million, driven by increased income from our investment unit along with reduced provisions recorded in 2022. Milaha Trading'sbottom line increased by QAR 6 million, mainly from higher margin product offerings and sales.
The company will conduct an investor conference call on Monday, August 7th at 11:30am Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing 00 800 101 734and entering the Conference ID: 6254903.
Qatar Navigation QSC published this content on 06 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 August 2023 17:33:04 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. 
