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Both Qatar Navigation (Milaha) and Qatar Gas Transport Company (Nakilat) recorded much improved financial results for 2021. At Milaha the net profit of QR 724 million for the 12 months compared to QR 59 million for the same period in 2020, a major improvement.
The Milaha Maritime & Logistics division’s net profit increased by QR 121 million compared with the same period in 2020, as strong container shipping rates improved profitability, while Milaha Gas & Petrochem’s net profit increased by QR 72 million, driven mainly by higher results from joint ventures and associate companies. Meanwhile Milaha Offshore’s bottom line increased by QR 438 million compared with the same period in 2020, primarily due to a decrease in vessel impairments.
H.E. Sheikh Jassim bin Hamad bin Jassim Jaber Al-Thani, Milaha’s Chairman of the Board of Directors, said: “Milaha displayed strength and resilience in response to the global challenges and business disruptions faced in 2021. Our focus on our core business was demonstrated in our strong performance, on both financial and operational levels.”
For its part Nakilat reported a consolidated net profit of QR 1,354 million in 2021, an increase of 16.7% compared to QAR 1,161 million for the same period in 2020. Revenues rose to QAR 4,142 million, up by 3.1%
Eng. Abdullah Al Sulaiti, Chief Executive Officer of Nakilat, said: “Our excellent financial performance in 2021 is the direct result of our commitment to deliver value to our stakeholders and customers. We extend our appreciation to Qatar Energy for their support, as well as our strategic partner Qatargas in playing a significant role to ensure our robust financial performance. Such synergies help drive the company’s vision to be a global leader and provider of choice for energy transportation and maritime services.”
