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Qatar Navigation (Milaha) is back in a strong recovery phase, financial results for the nine months ended September 30, 2014 indicate. The company achieved operating revenues of QR 1.973 billion (US$ 541.82 million) compared with QR 1.745 billion (US$ 479.21 million) for the same period in 2013, an increase of 13.1 per cent year on year. Net profits of QR 821 million (US$ 225 million) represented an upturn of 5.5 per cent.
After relatively disappointing first half-year results, Milaha recovered strongly in the third quarter, driven by strong growth in trade volumes and a rebound in the Qatar equities market. There was a particular upturn in the gas and petrochemicals segment which benefited from stronger VLGC rates and higher profits from Milaha’s stake in Qatar Gas Transport Co. (Nakilat), which more than offset weaker performance in the Offshore and Maritime & Logistics segments.
“We are pleased to have got back on track after a somewhat disappointing first half,” said Sheikh Ali bin Jassim Al Thani, chairman and managing director of Milaha. “Trade volumes have grown as a result of increased project activity as well as population growth in Qatar, and we hope this will be sustained going forward. Although we are still behind last year in two of our core maritime segments, we are pleased that Q3 helped us narrow the gap.
