Milaha Reports QR 363 Million Net Profit for Q1 2023

Milaha

Qatar Navigation (Milaha), has announced its financial results for the first quarter ended March 31, 2023.

Key financial highlights:

• Operating revenues of QAR 766 million for the three months ended March 31, 2023, compared to QR 913 million for the same period in 2022
• Operating profit of QAR 210 million for the three months ended March 31, 2023, compared to QAR 194 million for the same period in 2022
• Net profit of QAR 363 million for the three months ended March 31, 2023, compared to QAR 360 million for the same period in 2022
• Earnings per share remained flat at QAR 0.32 for the three months ended March 31, 2023 and for the same period in 2022

Milaha Maritime & Logistics’ net profit decreased by QAR 64 million, mainly due to a drop in container shipping rates from near record highs witnessed over the same period in 2022.

Milaha Gas & Petrochem’s net profit decreased by QAR 8 million, mainly a result of lower income from associate companies.

Milaha Offshore’s net profit increased by QAR 53 million, due to improved operating efficiency coupled with the acquisition of higher margin projects.

Milaha Capital’s net profit increased by QAR 18 million, driven mainly by reduced provisions recorded in 2022.

Milaha Trading’s bottom line increased by QAR 5 million due to the expansion of our ship chandlering activities and integrated higher margin product offerings.

The company will hold an investor relations conference call on Wednesday, April 19, 2023, at 2:00 pm (Doha time) to discuss the financial results for the first quarter of 2023. The conference call may be accessed by telephone by dialing 00 800 101 734 and entering the Conference ID: 2013178. Further information can be found on our website www.milaha.com.