Milaha Extends Feeder Deal with Muntajat
- Business & Finance
Qatar-based marine transport and logistics conglomerate Qatar Navigation (
The contract, which started on April 1, 2016 and will end up to March 31, 2017, is an extension of a previous two-year feeder contract between Milaha and Muntajat.
The company added that it will support Muntajat in the optimisation of vessel sizes to improve operational efficiency and reduce the number of weekly calls required at the port of Mesaieed.
Furthermore, Milaha said that it introduced fixed berthing windows in Doha to reduce delays at Doha Port and improve vessel schedule for Muntajat at Mesaieed.
“The extension of our feeder partnership with Muntajat is in line with our vision to establish strategic and long-term partnerships with local companies to contribute towards Qatar’s economic growth,” Milaha’s Chairman, Sheikh Ali bin Jassim Al Thani, said.
The previous two-year feeder deal, signed in March 2014 for transportation of petrochemicals exports from Qatar, covered containerized exports of polymers and melamine for Muntajat from Mesaieed to key hub ports in the region.
Milaha reported a 4 percent increase in its 2015 net profit of QAR 1.095 billion (USD 300.6 billion). The company’s operating revenues for the period jumped by 14 percent to QAR 2.998 billion from QAR 2.633 billion in 2014, while Milaha saw its operating profit rise by 18% to QAR 772 million in 2015, from QAR 656 million recorded a year earlier.