Qatar Navigation (Milaha) Q.P.S.C. today announced its financial results for the six months ended June 30, 2017.
Key financial highlights:
Milaha Maritime & Logistics’ net profit declined by QR 46 million, mainly due to continued pricing pressure in container shipping, and lower profits from our Ports business.
Milaha Gas & Petrochem’s net profit declined by QR 96 million driven by depressed rates and vessel oversupply that have impacted most of the tanker and gas carrier sectors we operate in, in addition to lower profits from our joint venture operations.
Milaha Offshore’s net profit declined by QAR 30 million (excluding one-time impairments of QR 45 million), driven mainly by global vessel oversupply which in turn has continued to depress charter rates and utilisation.
Milaha Trading’s net profit declined marginally by QR 1 million due to lower sales volumes of marine fuels and lubricants.
Milaha Capital’s net profit declined by QR 68 million due to lower held-for-trading investment returns and an available for sale investment impairment from the first quarter of 2017.
“We are in the midst of an unusually prolonged global downturn across most marine sectors. However, we remain financially strong and will continue to invest prudently for the long term,” said H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors.
“We are actively taking steps to mitigate the impact of the current downturn, from both a cost as well as revenue perspective. In this regard, we see a number of short and medium term opportunities to position ourselves more strongly for when markets improve,” said Mr. Abdulrahman Essa Al-Mannai, Milaha’s President and CEO.
The company will conduct an investor conference call on Tuesday, August 22nd, 2017 at 3 pm Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing +44 (0) 1452 555566 (UK and International) and entering the Conference ID: 62050506.