Profits down at Qatar Navigation as tough conditions persisit

Qatar Navigation (Milaha) has announced net profits of QR 236mn for the first quarter of 2017, compared to QR 352mn for the same period in 2016. 

Earnings per share of QR 2.12 were recorded for the three months ended March 31, 2017, compared to QR 3.10 for the same period in 2016.

Milaha Maritime & Logistics’ net profit declined by QR 14mn, mainly as a result of continued rate pressure in its container shipping unit. 

Milaha Gas & Petrochem’s net profit declined by QR 46mn as a result of a “global downturn in shipping rates that impacted all major sectors we operate in,” said the company in an earnings statement.

Milaha Offshore’s net profit decreased by QR 25mn, with QR 22mn of that related to impairments. 

H.E. Sheikh Ali bin Jassim Al Thani, chairman of Milaha, said the business had continued to face the same challenges as it saw in 2016, but that it remained confident in its ability to drive growth and capitalise on new opportunities.

Milaha’s president and ceo, Abdulrahman Essa Al-Mannai said: “Given the difficult environment we are working in, we posted solid operational results. 

“We will continue moving ahead with our multi-year growth strategy to build a stronger and more sustainable business.”

Posted 25 April 2017

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James Henderson

Middle East Correspondent