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Milaha profits up 4% in 2015

Milaha profits up 4% in 2015
Despite a tough business climate Qatar Navigation (Milaha) reported a 4% jump in next profit in 2015.

Milaha reported QAR1.09bn ($300m) net profit for 2015 up from QAR1.04bn in the previous year. Revenues were up 14% in 2015 at QAR2.99bn against QAR2.63bn in 2014.

Star performer last year was a its maritime and logistics arm which saw a 26% growth in revenues and a 133% leap net profit driven infrastructure related activity in Qatar.

Despite the low oil price Milaha’s offshore division reported a 5% increase in net profit with a 21% increase in revenues. Milaha Gas & Petrochem saw a 51% jump in revenues and 6% increase in net profit with a strong performance from its product tankers and LPG carriers.

“Despite an increasingly challenging business environment, 2015 was another good year for Milaha,” said Sheikh Ali bin Jassim Al Thani, chairman of Milaha.

“Given the low oil price environment and the weakening global economic environment, the medium term holds a number of significant challenges for the industries in which we operate,” he added. ”However, we are confident that the foundation we have laid in the past few years will enable us not only to withstand the current headwinds, but also also position us for sustainable future growth.”