(The Group’s Comment) Qatar National Navigation & Transport Company (Milaha) Net Profits Rises by 4.7% to QAR 419 Million in the 3^rd Quarter 2019

Ø  Profits: Net profits for the first 9 months 2019 amounted QAR 418.9 million versus QAR 399.5 million for the equivalent period last year, an increase of 4.9%. Earnings per share amounted QAR 0.37 versus QAR 0.35 for the same period 2018. In regards to the 3^rd quarter profits, it reached QAR 102.8 million compared to QAR 102.4 million for the same quarter 2018.

Ø  Revenues: The revenues was increased by 1.14% to record QAR 1830.8 million. Revenues from navigation and logistic services witnessed a decline of nearly 2.8% as well as the revenues from Milaha Capital of 13.5% attributed to the decline in the share dividends distributions. However, the marine services sector recorded a growth by 26.5% (QAR 118.0 million) compensating declines in other activities.

Ø  Operating profits: Stood at QAR 276.3 million versus QAR 313.6 for the same period last year declining by QAR 37.3 million (11.9%) attributed to the increase in the operational expenses and depreciations. The operating profits margin ration stood at 15.1% compared to 17.3% for the same period 2018.

Ø  Company’s share from the results of associated companies: this item was increased for the period to QAR 267.0 million compared to QAR 207.1 million for the equivalent period 2018, an increase of 29%. The associated companies represent navigation investments in tankers cargo net Qatar, Iraqi Qatari for Transport & Marine Services and Arabian Navigation in addition to investments in Liberia. The company’s share from joint ventures was increased by QAR 43.3 million.