
Qatar’s two leading shipping groups have both reported significant increases in profits for 2022. Qatar Navigation (Milaha) saw a 40% surge in net profits to QR 1 billion, with operating revenues of QR 3.285 billion for the 12 months, compared to QR 2.784 billion for the same period in 2021.
All of Milaha’s main operating subsidiaries achieved higher net profits compared with the year before. Milaha Maritime & Logistics’ net profit increased by QR 85 million, mainly due to strong container shipping rates, and Milaha Gas & Petrochem’s by QR 70 million, helped by gains on the sale of deepsea vessels.
Milaha Offshore’s bottom line improved by QR 196 million, driven by an increase in projects and vessel utilisation, while Milaha Trading’ profits were up by QR 7 million compared to the same period in 2021, mainly from increased heavy equipment and marine-related product sales.
Commenting on the company’s financial and operational performance for the year H.E. Sheikh Jassim bin Hamad bin Jassim bin Jaber Al-Thani, Milaha’s Chairman, said: “All our core business segments posted strong growth, which was enabled by favourable market conditions and our strategic focus on strengthening our operational foundation.”
Meanwhile, Qatar Gas Transport Company (Nakilat) achieved a net profit of QR 1.44 billion in 2022, an increase of 6.3%, compared to QAR 1.35 billion for 202 on revenues of QR 4.4 billion.
Eng. Abdullah Al-Sulaiti, CEO of Nakilat, said: “Despite all the challenges the world faced in 2022, Nakilat managed to overcome these fluctuations with the least impact on its financial performance.” He points particularly to the recent expansion of the company’s fleet through an additional four LNG carriers, and the improved performance of its joint ventures operating its drydock, as factors behind the strong performance. Al-Sulaiti added, “The addition to our fleet has allowed Nakilat to increase its fleet capacity and increase operational efficiency, giving us a competitive advantage at a time when the company is expanding its portfolio in the global transportation market.”



















