Qatar Navigation (Milaha) Q.S.C. delivered a net profit of QAR 651 million (around USD 179 million) for the first half of 2015, a 26% increase in profitability compared to the first half of 2014.
Operating revenues increased by 22% to QAR 1.51 billion for the half year ended June 30, 2015, up from QR 1.24 billion for the same period in 2014.
Milaha’s operating profit increased by 31% to QAR 442 million for the half year ended June 30, 2015, also an increase when compared to QR 337 million for the same period in 2014.
The company reported growth in revenue across the board, with the biggest jump of 41 % recorded in its offshore’segment. Namely, Milaha Offshore posted a net profit increase of 151% despite weak market conditions driven by the steep decline in oil prices and the cutbacks on capital spending by oil majors.
Milaha Maritime & Logistics’ revenue grew by 27% and net profit by 119%, mainly driven by the group’s port and container shipping businesses. Milaha attributed the increase to the ramp up in project activity in Qatar which led to increased trade volumes.
Milaha’s gas & petrochem arm saw revenue growth of 26% and net profit by 29%, on the back of stronger performance from its fully owned and operated product tankers and gas carriers, as well as investments in associates and LNG JVs.
And finally, strong equipment sales driven largely by the ongoing projects in Qatar pushed Milaha Trading’s revenue up by 24% and net profit by 108%.
Despite outperforming the Qatar Exchange index, the performance of the actively traded investment portfolio of Milaha Capital experienced a decline, resulting in an 8% drop in net profit in comparison to the same period in 2014.
“We continue to execute on our long term strategy and, as a result, we have continued to deliver strong financial performance in a challenging business environment. Our seasoned management team remains focused and committed to growing the various Milaha segments, with a particular emphasis on gas transportation, container shipping, offshore, warehousing and logistics,” said Sheikh Ali bin Jassim Al Thani, Chairman of Milaha.
“Over five years ago, Milaha embarked on a transformation that reinvented the way it conducts business. I am pleased that our hard work and unwavering commitment to improvement and growth is paying off and we see that reflected in our financial results as well as in our growing recognition locally, regionally and internationally,” he added.