Milaha reports QR 384 million in net profit for the nine months of 2020
Qatar Navigation Q.P.S.C. (Milaha) announced its financial results for the nine months ended September 30, 2020.
Key financial highlights:
Operating revenues of QR 1.71 billion for the nine months ended September 30, 2020, compared to QR 1.83 billion for the same period in 2019
Operating profit of QR 286 million for the nine months ended September 30, 2020, compared to QR 280 million for the same period in 2019
Net profit of QR 384 million for the nine months ended September 30, 2020, compared to QR 419 million for the same period in 2019
Earnings per share of QR 0.34 for the nine months ended September 30, 2020, compared to QR 0.37 for the same period in 2019
Milaha Maritime & Logistics’ operating revenue decreased by QR 62 million and net profit by QR 27 million compared with the same period in 2019. The segment was negatively impacted by COVID19 -related increases in health and safety expenses and disruptions in supply chains which caused volume and work reductions.
Milaha Gas & Petrochem’s operating revenue increased by QR 29 million, with net profit increasing by QR 135 million against the same period last year. The increases were driven by higher market shipping rates and strong performance from joint venture and associate companies.
Milaha Offshore’s operating revenue increased by QR 13 million, with the bottom line decreasing by QR 14 million versus the same period in 2019. Despite a strong 3-point increase in operating margin from 11% in 2019 to 14% in 2020, the segment’s results were dragged down by vessel impairments.
Milaha Capital’s revenue decreased by QR 65 million and net profit by QR 128 million compared to the same period in 2019. Gains on sale of properties were more than offset by lower rental income and a one-time impairment on an investment property.
Milaha Trading’s revenue decreased by QAR 74 million and bottom line decreased by QAR 1 million, with declines in heavy equipment sales being the main contributing factor.