Milaha posts higher 2015 profit

Doha-based Qatar Navigation (Milaha) posted a 4 percent rise in its net profit in 2015 to QAR 1.09 billion ($300m).

Milaha, which owns a 30 percent stake in Qatar’s LNG shipping giant Nakilat, said that its operating revenues also rose by 14 percent to QAR 2.99 billion, as compared to the same period in 2014.

Milaha Gas & Petrochem’s revenue increased by 51 percent and net profit by 6 percent, on the back of strong performance from its fully owned and operated product tankers and gas carriers, as well as investments in associates, the shipping company said in a report issued on Tuesday.

“Given the low oil price environment and the weakening global economic environment, the medium term holds a number of significant challenges for the industries in which we operate,” Ali bin Jassim Al Thani, Chairman of Milaha said.

”However, we are confident that the foundation we have laid in the past few years will enable us not only to withstand the current headwinds, but also position us for sustainable future growth,” he added.

Milaha has varying ownership stakes in nine LNG carriers, which are under long-term charters to Qatari gas producers and exporters.

1 Qatar riyal = 0.274643 U.S. dollars