Financial results for the first quarter of 2017 reflect the difficult market conditions facing Qatar Navigation (Milaha). Operating revenues of QR 648 million for the three months ended March 31, compared to QR 767 million for the same period in 2016. Similarly, operating profit at QR 185 million was down from QR 256 million for the same period in 2016, and net profits dropped from QR 352 million to QR 236 million in first quarter of this year.
Milaha Maritime & Logistics’ net profit declined by QR 14 million, mainly as a result of continued rate pressure in the company’s container shipping business, while Milaha Gas & Petrochem’s net profit declined by QR 46 million as a result of a global downturn in shipping rates that impacted all major sectors. Profitability was also reduced at the Milaha Offshore, Milaha Capital and Milaha Trading divisions.
“We are continuing to face the same market challenges as in 2016, but we remain confident in our ability to drive growth and capitalise on new opportunities while exercising financial discipline,” said H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors.