Qatar Navigation Q P S C : Milaha Reports QAR 870 million in Net Profit for the Nine Months Ended Sep 30, 2023
October 18, 2023 at 11:52 am EDT
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Milaha Reports QAR 870 million in Net Profit for the Nine Months Ended Sep 30, 2023, Compared to QAR 851 million for the Same Period in 2022, for an Increase of 2%
18 October 2023
Doha, Qatar- Qatar Navigation Q.P.S.C. ("Milaha") today announced its financial results for the nine months ended September 30, 2023.
Key financial highlights:
Operating revenues of QAR 2.23 billion for the nine months ended September 30, 2023, compared to QR 2.56 billion for the same period in 2022
Operating profit of QAR 404 million for the nine months ended September 30, 2023, compared to QAR 424 million for the same period in 2022
Net profit of QAR 870 million for the nine months ended September 30, 2023, compared to QAR 851 million for the same period in 2022
Earnings per share of QAR 0.77 for the nine months ended September 30, 2023, compared to QAR 0.75 for the same period in 2022
Milaha Maritime & Logistics'net profit decreased by QAR 245 million driven by the steep decline in container shipping market rates.Milaha Gas & Petrochem'snet profit increased by QAR 37 million, mainly from the deployment of Milaha's first Floating Storage & Offloading (FSO) unit, which began operations in the middle of 2022.Milaha Offshore'snet profit increased by QAR 87 million mainly from higher yielding projects and improved utilization of key assets.Milaha Capital'snet profit increased by QAR 133 million, driven by the non-recurrence of a 2022 real estate property impairment, coupled with increased income from our investment arm. Milaha Trading'sbottom line increased by QAR 6 million, mainly from the growth in higher margin product sales.
The company will conduct an investor conference call on Monday, October 23rd at 2:00pm 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: 2145003.
Qatar Navigation QSC published this content on 18 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2023 15:51:32 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. 
