Milaha reports a 46% increase in net profit for H1 2022
Qatar Navigation (“Milaha”) Q.P.S.C. today announced its financial results for the first six months ended June 30, 2022.
Key financial highlights:
- Operating revenues of QAR 1.77 billion for the six months ended June 30, 2022, compared to QR 1.37 billion for the same period in 2021
- Operating profit of QAR 310 million for the six months ended June 30, 2022, compared to QAR 144 million for the same period in 2021
- Net profit of QAR 641 million for the six months ended June 30, 2022, compared to QAR 438 million for the same period in 2021
- Earnings per share increased to QAR 0.56 for the six months ended June 30, 2022 compared to QAR 0.39 for the same period in 2021
Milaha Maritime & Logistics’ net profit increased by QAR 112 million mainly due to strong container shipping rates.
Milaha Gas & Petrochem’s net profit increased by QAR 48 million due to increased income from our associate companies.
Milaha Offshore’s net profit increased by QAR 41 million, driven mainly by the increased utilization of key assets and lower provisions and impairments compared to the same period last year.
Milaha Capital’s net profit increased by QAR 4 million, driven by our real estate unit.
Milaha Trading’s bottom line decreased by QAR 1 million despite increased revenue, due to compressed margins.
The company will conduct an investor conference call on Thursday, August 11 at 1:30pm Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing 00 800 100 443 and entering the Conference ID: 4354459. Further information can be found on our website www.milaha.com.