Milaha boosts half year profit by 26 pct

Doha-based Qatar Navigation (Milaha) informed that its net profit increased 26 percent to QR 651 million in the first half of 2015, as compared with the same period a year before.

Milaha, which owns a 30 percent stake in LNG shipper Nakilat, said that the company’s operating revenues increased 22 percent to QR 1.51 billion for the half year ended June 30.

Milaha Gas & Petrochem’s revenue grew by 26 percent and net profit by 29 percent, on the back of stronger performance from its fully owned and operated product tankers and gas carriers, as well as investments in associates and LNG JVs, Milaha said on Monday.

The company recently acquired the remaining 60 percent interest in two LNG carriers, Milaha Ras Laffan and Milaha Qatar, from Société Générale, increasing its stake from 40 percent to 100 percent.

Beside these two tankers, Milaha has varying ownership stakes in seven LNG vessels, which are under long-term charters to Qatari gas producers and exporters.

LNG World News Staff; Image: Milaha