Milaha has reported a net profit of QR352mn in the first three months of this year.
The net profitability is down more than 3% year-on-year and earnings-per-share stood at QR3.1 at the end of March 31, 2016.
“Although some of the segments in which we operate are facing some challenging times, we believe in the long term fundamentals of these segments and their ability to recover in the near future,” Milaha chairman Sheikh Ali bin Jassim al-Thani said.
Operating revenues fell 2% to QR771mn and operating profit by 7% to QR259mn.
Milaha Maritime and Logistics’ revenue fell 2% and net profit by 22%, partly due to increased pressure on pricing, particularly in the container feeder business.Milaha Gas and Petrochem’s revenue grew by 63% and net profit by 23%, driven largely by the investment in two liquefied natural gas carriers made in the second half of 2015 and stronger results from investments in associates and joint ventures.
Milaha Offshore revenue declined 10% and net profit by 47%, mainly due to a very challenging offshore business environment and a delay in vessel mobilisation. Milaha Trading’s revenue dropped by 22% and net profit by 54%, driven by lower heavy equipment sales due to the slowdown in construction activities in Qatar and various related projects.
Milaha Capital’s revenue declined 12% and net profit by 5%, mainly driven by lower dividend income.
“With a strong balance sheet and a healthy financial position, we are confident that we will withstand the current headwinds and continue to invest in the future,” Milaha president and chief executive Abdulrahman Essa al-Mannai said.