(The Group’s Comments) Milaha’s Net Profit Climbs to QAR 316 Million for H1 2019

July 30, 2019

Profits: Milaha’s net profit for the first half of 2019 amounted to QAR 316.1 million, compared to QAR 297.1 million for the same period last year, an increase of 6.4%, while the company’s earnings per share reached QAR 0.276 versus QAR 0.258 for the same period of 2018. As for the second quarter of 2019, Milaha posted a profit of QAR 38 million, compared to QAR 37.7 million for the corresponding quarter of 2018.

Comprehensive Income: Milaha recorded a loss of QAR 355 million for the first half of 2019 compared to a profit of QAR 407.8 million for the same period of 2018, due to the valuation of financial assets and cash hedges.

Revenues: amounted to about QAR 1,258 million. Navigation and logistics services revenues declined by 8%, as well as Milaha Capital’s revenues by 14% due to a decrease in share dividends. The company’s marine services recorded a growth of 37% and QAR 99 million, which compensated for the decline in revenue of other activities.

Operating Profit: amounted to QAR 230 million compared to QAR 258 ​​million for the same period last year, a decrease of QAR 28 million or 10.9% due to the increase in operating expenses and depreciation. Operating profit margin was 18.3% compared to 20.6% for the same period of 2018.

Milaha’s Share in the Results of Associates: increased from QAR 139.7 million for the first half of 2018 to QAR 172.4 million for the current half, or by 23%. The company’s associates item represents investments in Nakilat, Cargonic Qatar, Iraqi Qatari Shipping & Marine Services, Arab Navigation and some investments in Liberia. It should also be noted that the company's share of joint ventures increased by QAR 15 million.