STEADY NET PROFIT GROWTH FOR MILAHA

Doha-based Qatar Navigation (Milaha) has announced that it achieved a net profit of QR 1.03 billion for the year ended December 31st 2023, compared to QR 1.013 billion for the same period in 2022. This represents a modest growth rate of 2%.

There were mixed fortunes for the company’s core divisions. Milaha Maritime & Logistics’ net profit decreased by QR 330 million compared to the same period in 2022, mainly due to weakened container shipping rates compared to near record highs in 2022, and reduced volumes. On the other hand, Milaha Gas & Petrochem’s net profit increased by QR 108 million compared to the same period in 2022, mainly due to non-recurrent vessel impairments that were recorded in 2022 and improved performance from wholly owned vessels.

The past year also saw increases in net profits for a number of other operating divisions, including Milaha Offshore, Milaha Capital and Milaha Trading. The latter’s bottom-line results increased by QR 3 million compared to the same period in 2022, largely due to increased margins of bunker and related ancillary services, along with higher marine product sales.

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