Qatar Navigation (Milaha) has posted a net profit of QR553mn in six months up to June, the company announced last night.
Milaha Maritime & Logistics’ overall revenue declined 7%, despite an increase in container volumes, the company said.
Port Services was “negatively impacted” by lower ancillary services revenue and non-containerised general cargo and roll-on/roll-off (RORO).  In addition, pricing pressures faced by the Container Shipping unit dampened the unit’s results.
Milaha Gas & Petrochem’s revenue grew by 56% “despite a global slowdown” in the shipping market. The investment in two LNG carriers made in the second half of 2015, and the mid- to long-term nature of the majority of charter contracts, largely insulated this segment during the first half of 2016.
Milaha Offshore’s revenue declined by 12% amid the extremely challenging offshore business environment. Despite cost-saving measures that have significantly reduced operating expenses, operating and net profits continued to be under pressure due to volatility in the oil and gas market.
Milaha Trading was “impacted” by lower heavy equipment sales related to a slowdown in construction activities.
Milaha Capital’s revenue declined by 25%. Lower dividend income and continued volatility in the local equity market have negatively impacted the results of this segment.
“Despite a slowdown in some of the business segments in which we operate, our results remain strong. The foundation we have laid in the past few years will not only enable us to withstand any headwinds, but also position us for sustainable future growth,” said Sheikh Ali bin Jassim al-Thani, Milaha chairman.
“Our clear focus on executing our long-term strategy and creating shareholder value has enabled us to weather short-term volatility and deliver healthy results supported by a strong balance sheet,” said Abdulrahman Essa al-Mannai, Milaha’s president and CEO.
Milaha said its earnings per share (EPS) stood at QR4.86 for the six months that ended on June 30 compared to QR5.73 for the same period in 2015
The company said it will conduct an investor conference call on today at 9am Doha time to further discuss its results. The conference call may be accessed by telephone by dialling +44 (0) 1452 555566 (UK and International) and entering the conference ID - 56057093.
Further information can be found on the website, www.milaha.com