Milaha reports more than 11% increase in H1 net profit to QR297mn

MilahaPowered by its maritime and logistics, offshore, as well as capital units, Milaha reported more than 11% increase year-on-year in net profit to QR297mn in the first six months of this year. The operating revenues grew 9% to QR1.25bn and operating profits jumped 52% to QR258mn, said the company after its board meeting to discuss the second quarter financial results.

Milaha Maritime and Logistics’ revenue grew QR82mn and net profit by QR36mn on the back of higher volumes at Hamad Port and new shipping routes in the container shipping unit. Milaha Capital’s profits expanded QR138mn, largely due to improved returns from the financial investments portfolio.

Although Milaha Gas and Petrochem’s operating profit increased QR5mn; vessel impairments drove overall net profit lower by QR145mn, a company spokesman said. Milaha Offshore’s bottom line increased by QR9mn due to increase in vessel utilisation rates and overall improvement in the offshore sector.

However, the trading division saw net profit decline QR9mn owing to lower heavy equipment sales. The company’s earnings-per-share increased to QR2.62 for the six months ended June 30, 2018 compared to QR2.35 for the same period in 2017.

Sources and photo-credits: Gulf Times