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Milaha profits up 17% in first nine months

Milaha profits up 17% in first nine months
Qatar Navigation (Milaha) reported a 17% increase in net profit in the first nine months of the year with improved performance from all units, except its investment portfolio.

Milaha reported a net profit of QAR959m ($263.5) for the first nine months of 2015 up 17% from QAR821m in the same period a year earlier. Revenues were also up 17% year-on-year at QAR2.31bn.

Looking at the company’s various business units Milaha Maritime & Logistics saw 151% rise in net profit; Milaha Gas & Petchem net profit up 18%; Milaha Offshore a 120% increase in net profit; and Milaha Trading’s net profits were up 100%. Only Milaha Capital suffered a drop in performance with 33% decline in net profit.

“We are very pleased with our operating results for this reporting period. We have remained focused and disciplined in executing our strategic priorities, and as a result, we continue to deliver strong financial performance and create value for our shareholders,” said Sheikh Ali bin Jassim Al Thani, chairman of Milaha.