Milaha Reports 4 Percent Profit Growth

Qatar-based marine transport and logistics conglomerate Qatar Navigation (Milaha) delivered a net profit of QAR 1.095 billion (USD 300.6 billion) for the full year of 2015, representing a 4 percent increase compared to the previous year.

The company’s operating revenues for the period increased by 14 percent to QAR 2.998 billion (USD 823.2 billion) from QAR 2.633 billion (USD 723 billion) in 2014, while Milaha’s operating profit increased by 18% to QAR 772 million in 2015, from QAR 656 million recorded a year earlier.

“Despite an increasingly challenging business environment, 2015 was another good year for Milaha. Our core operations have performed exceptionally well, posting double-digit revenue growth, as well as positive net profit growth,” said Sheikh Ali bin Jassim Al Thani, Chairman of Milaha.

Milaha Maritime & Logistics’ revenue grew by 26% and net profit by 133%, driven by strong trade volume growth related to increased infrastructure and other project activity in Qatar.

Milaha Gas & Petrochem’s revenue grew by 51% and net profit by 6%, on the back of strong performance from its fully owned and operated product tankers and gas carriers, as well as investments in associates.

Milaha Offshore’s reported an increase in revenue of 21% and in net profit by 5%, while Milaha Trading’s revenue rose by 6% and net profit by 67%.

“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,” the chairman said, adding that Milaha is “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.”