Qatar Navigation Q.P.S.C. (Milaha), has announced today its financial results for the six months ended June 30, 2024.

Key Financial Highlights:

• Operating revenues of QAR 1.43 billion for the six months ended June 30, 2024, compared to QR 1.51 billion for the same period in 2023
• Operating profit of QAR 316 million for the six months ended June 30, 2024, compared to QAR 344 million for the same period in 2023
• Net profit of QAR 628 million for the six months ended June 30, 2024, compared to QAR 648 million for the same period in 2023
• Earnings per share decreased to QAR 0.55 for the six months ended June 30, 2024, compared to QAR 0.57 for the same period in 2023

Milaha Maritime & Logistics’ net profit decreased by QAR 33 million as higher project income from our shipyard was more than offset by general volume and rate pressure across the segment.

Milaha Gas & Petrochem’s net profit increased by QAR 32 million, largely driven by the increase in profit from our associate companies.

Milaha Offshore’s net profit decreased by QAR 25 million compared to H1 2023 primarily due to both planned and unplanned vessel maintenance which negatively impacted revenues, and the non-recurrence of favorable accounting adjustments recorded in 2023.

Milaha Capital’s net profit increased by QAR 15 million, led by increased income from our financial investments unit.

Milaha Trading’s bottom line decreased by QAR 10 million due to lower sales and increased overhead costs.

The company will conduct an investor conference call on Wednesday, August 14 at 2:00pm Doha time, to further discuss its results.  The conference call may be accessed by telephone by dialing 00 800 101 734 and entering the Conference ID: 9547257.  Further information can be found on our website www.milaha.com.

Source: Milaha

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