Milaha reports nine-month profit increase

Doha-based Qatar Navigation (Milaha) reported an increase in net profit for the nine months of the year. 

Net profit for the period under review reached 419 million Qatari Riyals ($115.1 million) which compares to 400 million Qatari Riyals in the first nine months of 2018, Milaha reported.

Operating revenues for the period reached 1.83 billion Qatari Riyals, edging up from the 1.81 billion Qatari Riyals reported in the same period in 2018.

Milaha Gas & Petrochem’s revenue dropped by 14 million Qatari Riyals, with net profit increasing by 238 million Qatari Riyals against the same period last year. These increases were driven by strong performance from our joint venture and associate companies and lower vessel impairments, Milaha said in its statement.

Milaha Gas & Petrochem owns two LNG carriers and also holds partial stakes in six LNG carriers. It is also the largest shareholder in Qatari LNG shipping giant Nakilat.