Qatar Navigation (Milaha) Q.P.S.C. today announced its financial results for the six months ended June 30, 2020.

Key financial highlights:

  • Operating revenues of QAR 1.22 billion for the six months ended June 30, 2020, down from QR 1.26 billion for the same period in 2019
  • Operating profit of QAR 254 million for the six months ended June 30, 2020, up from QAR 233 million for the same period in 2019
  • Net profit of QAR 300 million for the six months ended June 30, 2020, down from QAR 316 million for the same period in 2019
  • Earnings per share of QAR 0.26 for the six months ended June 30, 2020, down from QAR 0.28 for the same period in 2019

Milaha Maritime & Logistic’s revenue decreased by QAR 22 million and net profit by QAR 19 million.  Most of the decrease was in our Logistics unit due to volume and project disruptions related to COVID19.

Milaha Gas & Petrochem’s revenue increased by QAR 22 million and net profit by QAR 117 million. The increases were driven mainly by improved market rates that had a positive impact on our wholly owned assets as well as our joint ventures and associates.

Milaha Offshore’s revenue increased by QAR 31 million and bottom line by QAR 7 million.  Vessel impairments overshadowed operating profit increases.

Milaha Capital’s revenue decreased by QAR 48 million and net profit by QAR 121 million driven mainly by a reduction in investment income coupled with a one-time impairment on a real estate asset.

Milaha Trading’s bottom line remained flat against the same period in 2019, despite a reduction in revenue, due to improved operating margins.

The company will conduct an investor conference call on Wednesday, July 29 at 1:00pm Doha time, to further discuss its results.  The conference call may be accessed by telephone by dialing 00 800 100 441 and entering the Conference ID: 269492.