Qatar Navigation gets investment boost from stock market in 2013Qatar Navigation gets investment boost from stock market in 2013

Meanwhile, the company reported a slight decrease in operating revenues to QAR2.24bn from QAR2.29bn for the previous year, as well as operating profit of QAR647m versus QAR562m for the same period in 2012, a 15% increase.

The improvement was due to Milaha’s Offshore segment, after Halul Offshore recovered from the "unforeseen operational issues" which hampered its earnings in 2012. The turnaround resulted in higher utilisation and unprecedented growth in net profit for the offshore division.

While the group’s logistics and trading segments saw a drop-off in performance compared with the previous year, Milaha reports that its investment arm Milaha Capital outperformed the Qatari stock market and garnered “significant” profits, while the group’s gas and petrochemicals segment remained steady from 2012-13, despite its ailing earnings from VLGCs.

“We are naturally pleased with our record operating results in 2013,” said Khalifa Ali Al-Hetmi, Milaha president and ceo. “While the tremendous upturn in the Qatar stock market accounted for a majority of the increased profit, we had strong positive growth from some of our core businesses as well, such as offshore, container shipping and logistics.”

“We have come a long way in the past four years, since 2009, having doubled our revenue and net profit in that period,” said Sheikh Ali bin Jassim Al Thani (pictured), chairman and managing director of Milaha. “That said, we look at this year’s performance as only a foundation, and will continue to push ourselves to achieve our ambitious strategic goals over the coming years.”