Milaha reports 30% increase in net profit for the nine months ended Sep 30, 2022
Qatar Navigation Q.P.S.C. announced its financial results for the nine months that ended September 30, 2022.
Key financial highlights:
Operating revenues of QAR 2.56 billion for the nine months ended September 30, 2022, compared to QR 2.03 billion for the same period in 2021
Operating profit of QAR 424 million for the nine months ended September 30, 2022, compared to QAR 192 million for the same period in 2021
Net profit of QAR 851 million for the nine months ended September 30, 2022, compared to QAR 654 million for the same period in 2021
Earnings per share increased to QAR 0.75 for the nine months ended September 30, 2022, compared to QAR 0.58 for the same period in 2021
Milaha Maritime & Logistics’ net profit increased by QAR 126 million, driven by strong container shipping rates.
Milaha Gas & Petrochem’s net profit increased by QAR 57 million, mainly due to the increase in income from our associate companies.
Milaha Offshore’s bottom line increased by QAR 84 million, led by strong utilization of assets, increased project income, and lower provisions and impairments.
Milaha Capital’s net profit decreased by QAR 71 million, with an asset impairment more than offsetting increases in rental income and investment returns.
Milaha Trading’s bottom line remained flat with the same period last year.
