Milaha profits up in first quarterMilaha profits up in first quarter

Milaha reported a Q1 net profit of QAR365m ($100m) compared to QAR349m profit in the same quarter a year earlier. Revenues for the quarter were up 2% at QAR786m compared to QAR699m a year earlier.

Strongest growth was seen from Milaha Maritime & Logistics, which reported a 175% increase in net profit driven by port services and container shipping.

Milaha Gas & Petrochem saw 45% increase in net profit while it said Milaha Offshore “increased significantly from Q1 2014 despite weaker market conditions”, but did not give any figures.

Milaha Capital saw a 31% decrease in net profits.

“We are very pleased to have started 2015 so strongly overall,” said Sheikh Ali bin Jassim Al Thani, chairman of Milaha. “And while we hope to maintain the momentum, we know that general market conditions for our offshore segment are weakening, and that our capital segment is heavily tied to uncertainties in the local equity market. It will be a challenging year.”

Khalifa Ali Al-Hetmi, president and ceo of Milaha commented:“The core businesses have done extremely well to take advantage of favourable market conditions where possible, while also maintaining strong cost discipline.”