Milaha reports net profit of $82m in H1 2020
Doha, Qatar, July 29, 2020
Qatar Navigation (Milaha) has reported a net profit of QR300 million ($82.41 million) for the six months ended June 30, 2020, down from QR316 million for the same period in 2019.
Milaha’s operating revenues for the period were QR1.22 billion, down from QR1.26 billion for the same period in 2019, said a statement announcing its financial results for the six months ended June 30, 2020.
The company’s operating profit of QR254 million for the six months ended June 30, 2020, is up from QR 233 million for the same period in 2019. Earnings per share of QR 0.26 for the period under review, down from QR 0.28 for the same period in 2019.
Milaha Maritime & Logistics’ revenue decreased by QR 22 million and net profit by QR 19 million. Most of the decrease was in its Logistics unit due to volume and project disruptions related to Covid-19, it said.
Milaha Gas & Petrochem’s revenue increased by QR 22 million and net profit by QR 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,” the statement said.
Milaha Offshore’s revenue increased by QR 31 million and bottom line by QR 7 million. Vessel impairments overshadowed operating profit increases.
Milaha Capital’s revenue decreased by QR 48 million and net profit by QR 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, it said.—TradeArabia News Service
