Qatar Navigation (Milaha) and Nakilat have both announced increased profitability covering the first quarter of 2023. Milaha achieved an operating profit of QAR 210 (US$57.68) million for the three months ending March 31st, compared to QAR 194 (US$53.28) million for the same period in 2022, while the net profit of QAR 363 (US99.7) million compared to QAR 360 (US$98.87) million in the first quarter of last year.
Within the group there was a mixed performance however, as Milaha Maritime & Logistics’ net profit decreased by QAR 64 (US$17.58) million, mainly due to a drop in container shipping rates, while Milaha Gas & Petrochem’s net profit decreased by QAR 8 (US$2.2) million, primarily a result of lower income from associate companies. This was more the offset by higher profits at Milaha Offshore, Milaha Capital and Milaha Trading.
Meanwhile Nakilat reports a QAR 396 (US108.76) million net profit for the first quarter of 2023. This is an increase of 3.6% compared with the same period in 2022, largely reflecting robust market demand for its LNG shipping services.