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A number of locally based shipping companies have announced some impressive improvements in financial performance recently. Qatar-based Milaha has reported a QAR 870 million net profit for the first nine months of 2023, compared to QAR 851 million for the same period in 2022, an increase of 2%.
However, there were some mixed results for individual divisions. Milaha Maritime & Logistics’ net profit decreased by QAR 245 million as a result of a steep decline in container shipping rates, while Milaha Gas & Petrochem’s net profit increased by QAR 37 million, mainly through the deployment of Milaha’s first Floating Storage & Offloading (FSO) unit, which began operations in the middle of 2022.
Milaha Offshore’s net profit increased by QAR 87 million from the delivery of higher yield projects and improved utilisation of key assets, and there were also gains for Milaha Capital and Milaha Trading.
Another Qatari company, Nakilat, achieved a net profit of QAR 1,190.2 million for the first three quarters of 2023, an increase of 4.8% compared to the same period in 2022. Profits from LNG transportation and shipyards in particular surged by an impressive 16.9% in this period, against the same months of 2022. The latest figures continue an upward trend seen over the past three years.
Dubai-based Gulf Navigation Holding has reported net profits of AED 35 million in the first 9 months of 2023 compared to AED 1.8 million in the same period last year. In the third quarter net profits grew by 62%, reaching AED 6.8 million compared to AED 4.2 million for the same period in 2022. A company statement said: “The results for the first nine months of 2023 demonstrate a solid operational and financial performance, supported by cost control measures, a strategy of growth and expansion, diversification of sources of income and reducing the cost of debt.”
Gulf Navigation has recently increased its capital base by approximately AED 838 million. The new funds help expand and upgrade the company’s fleet of petrochemical tankers as well as its ability to own and manage these types of vessels.
