Qatar Navigation (Milaha) ended the first nine months of 2018 with a profit increase of more than 10 percent.
The company’s net profit rose to QAR 400 million (around USD 109.9 million) during the nine-month period ended September 30, 2018, from QAR 363 million (USD 99.7 million) seen in the same period a year earlier.
In addition, operating profit stood at QAR 314 million during the first three quarters of 2018, compared to QAR 200 million posted in the corresponding period last year.
What is more, operating revenues were QAR 1.8 billion for the abovementioned period of 2018, compared to QAR 1.7 billion reported in 2017.
Milaha Maritime & Logistics’ operating revenue increased by QAR 21 million while net profit declined by QAR 55 million mainly due to QAR 43 million in vessel impairments taken in the container shipping unit in the third quarter, as explained by the company.
The company also said that Milaha Gas & Petrochem’s operating revenue remained flat with the same period last year while net profit declined by QAR 135 million mainly due to vessel impairments recorded during the first half of 2018.
Milaha Offshore’s operating revenue increased by QAR 32 million mainly due to increase in vessel utilization, while the bottom line increased by QAR 67 million due to a decline in impairment charges in 2018 versus the same period last year.
Finally, Milaha Capital’s net profit increased by QAR 168 million due to higher dividend income and higher financial portfolio trading returns.
Earlier this month, Milaha teamed up with Oracle Cloud Applications on digital transformation of its core business operations and its subsidiaries. The company aims to introduce innovative services and drive operational efficiency with automated processes.