An increase in project activity helped Milaha's Maritime & Logistics division to a 27% growth in revenue and 119% boost in profit, with port and container shipping businesses feeling most of the benefit.
The strong tanker market lifted the group's owned gas carriers and product tankers, as well as its joint ventures; revenue increase by 26% and profit by 29% at Milaha Gas & Petrochem.
Despite the bleak state of the offshore market, Milaha Offshore’s revenues were up 41% and profit up 151%. The offshore market has been difficult in the Middle East, with cutbacks and project delays from oil majors such as Saudi Aramco, but the offshore division's management team continues to enforce an efficiency and optimisation drive.
“We continue to execute on our long term strategy and, as a result, we have continued to deliver strong financial performance in a challenging business environment," commented chairman Sheikh Ali bin Jassim Al Thani. "Our seasoned management team remains focused and committed to growing the various Milaha segments, with a particular emphasis on gas transportation, container shipping, offshore, warehousing and logistics.
“Over five years ago, Milaha embarked on a transformation that reinvented the way it conducts business. I am pleased that our hard work and unwavering commitment to improvement and growth is paying off and we see that reflected in our financial results as well as in our growing recognition locally, regionally and internationally.”
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