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Qatar-based shipping company Milaha has released a positive set of results for the first three months of 2015. Net profits of QR 365 million (US$ 100.3 million) were 4 per cent higher than in the same period of 2014, while revenues jumped 12 per cent in the same period.
Each of Milaha’s core business sectors – Maritime & Logistics, Gas & Petrochem and Offshore – improved their bottom line. The combined gain in profitability of these divisions was 71 per cent relative to the first quarter of 2014.
Continued strong growth in trade volumes, driven largely by project activity in Qatar, resulted in a 25 per cent increase in revenue and a 175 per cent increase in net profit for Milaha Maritime & Logistics, with a positive impact on the Port Services and Container Shipping units in particular. Milaha Gas & Petrochem’s revenue grew by 39% per cent and its net profit by 45 per cent, on the back of stronger performance in its fully owned and operated product tanker and gas carriers, as well as higher VLGC rates. In addition, the segment benefited from the full year effect of the delivery of 19 harbour vessels during 2014.
Milaha Offshore’s results improved ‘significantly’ in the first quarter of this year, the company states. This was despite weaker market conditions driven by the steep decline in oil prices and the cutbacks on capital spending by oil majors in the region and beyond.
“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, so will be a challenging year.”
