Milaha H1 Profit Rises, Qatar

Qatar Navigation (Milaha) Q.S.C. announced its financial results for the half year ending June 30th, 2013.

Summary financial results are as follows:

• Operating revenues of QR1.214bn vs. QR1.135bn for the same period in 2012, an increase of 7% year over year. The half year revenues are the highest in Milaha’s history.
• Operating Profit of QR440m vs. QR316m for the same period in 2012, an increase of 39% year over year.
• Net Profit of QR574m vs. QR441m for the same period in 2012, an increase of 30% year over year.
• Earnings per share of QR5.01 vs. QR3.85 for the same period in 2012.

Three out of five segments – Maritime & Logistics, Offshore and Capital – showed significantly stronger results year-on-year.

Within Milaha Maritime & Logistics, the container shipping and port services units gained significantly year-on-year, driven by the steady growth in both import and export volumes in Qatar. The logistics unit also improved its profitability on the back of a partial restructuring of its activities.

Milaha Offshore showed vastly improved performance relative to last year due to higher utilization of Halul’s construction and diving vessels.

Deployment of two new vessels also contributed to the increase in profit.

Milaha Gas & Petrochem showed a modest year-on-year increase in profit, driven by improved performance of the LNG vessel joint ventures and operating partnerships, while the LPG joint venture was impacted by continued weakness in spot rates.

Milaha’s investment portfolio continued to post strong results, mainly driven by dividend growth, unrealized capital gains and market trading activities.

“The group’s performance has continued strongly from the end of last year and throughout the first half of this year,” said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha. “I’m pleased that we have been able to maintain good momentum overall and generate our highest revenues to date, even though the markets are still volatile or yet to recover in some of our core segments.”

“We are focusing hard on driving sustainable improvements in a number of areas across our business,” said Khalifa Ali Al-Hetmi, President and Chief Executive Officer of Milaha. “The results are partially a reflection of these efforts as well, and we will continue to look for ways to optimise our operations regardless of market conditions.”

1 Qatari Rial equals 0.27 US Dollar

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