Gas, Tanker Business Drives Milaha’s Profit Up

Qatar-based maritime transport and logistics company Milaha saw its net profit rise in the first half of 2019 amid a stronger gas and tanker business.

The company’s profit reached QAR 316 million (USD 86.7 million) for the six months ended June 30, 2019, representing a rise of 6% compared to a net profit of QAR 297 million (USD 81.5 million) reported in the same period in 2018.

Operating revenues for the period were at QAR 1.26 billion, up from QAR 1.25 billion seen a year earlier.

However, operating profit dropped to QAR 230 million from QAR 258 million reported in the first half of 2018.

Milaha’s business units delivered mixed results.

Specifically, Milaha Maritime & Logistics’ revenue decreased by QAR 14 million with net profit remaining flat at QAR 65 million against the same period in 2018. Stronger performance in port business offset declines in logistics and shipyard units.

The company’s Milaha Gas & Petrochem business reported a decrease in revenue by QAR 5 million, with net profit increasing by QAR 181 million, driven by a reduction in vessel impairments compared to 2018, as well as improvements in market shipping rates in the sectors in which the company’s operates.

Furthermore, Milaha Offshore saw a revenue increase of QAR 99 million, however the bottom line decreased by QAR 95 million. Despite strong operating performance and increase in operating profit, the segment’s results declined due to vessel impairments.

Milaha Capital’s revenue decreased by QAR 49 million and net profit by QAR 62 million, as a result of lower dividends and held for trading portfolio income.