Milaha Net Profit Rises to QR297 Million in 1st Half of 2018

July 31, 2018

Qatar Navigation (Milaha) showed a net profit of QR297 million in first half of 2018, compared to QR267 million in the same period of the previous year, while its earnings per share amounted to QR2.62, versus QR2.35.

The Group’s Comments:

Milaha’s operating income increased by 9.4% to QR1.25 billion in the first half. Of 2018, as well as its share in the profits of its associates by 8.5% to QR139.7 million, while its share of joint arrangements multiplied to QR82.1 million. On another hand, the company’s expenses of all kinds increased by 2.1% to QR995.7 million, and the net financing cost doubled to QR48.8 million, while the impairment loss of ships and businesses doubled to QR140.2 million. As a result, the net profit increased by 11.1% to QR297.1 million. In terms of comprehensive income, the company achieved profits of QR407.8 million during this period, compared to a loss of QR476.4 million in the corresponding period of 2017. Milaha achieved a comprehensive income of QR704.8 million, versus a comprehensive loss of QR208.6 million in the same period last year.