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Milaha Gas & Petrochem revenue increases following LNG carrier investment

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LNG Industry,

Qatar Navigation (Milaha) Q.P.S.C. has announced its financial results for the nine months ended 30 September 2016, reporting a net profit of QR759 million.

The company is involved in the marine transportation of gas, petroleum products, containers and bulk, as well as offshore support services, port management and operations, logistics services, shipyards, trading agencies, real estate investment and asset management.

Milaha Gas & Petrochem’s revenue reportedly increased by 24% due to the full period impact of the investment in two LNG carriers in 2H15. Nevertheless, Milaha Maritime & Logistics’ overall revenue decreased by 13%, Milaha Offshore’s revenue declined by 17%, Milaha Trading’s revenue decreased by 26% and Milaha Capital’s revenue decreased by 21%.

H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors, said: “Due to the weaker macroeconomic conditions and volatility in our core sectors, we continue to operate in a challenging environment. In the face of these difficult times, however, Milaha remains focused on investing for the future and pursuing the best growth opportunities domestically and internationally.”

Abdulrahman Essa Al-Mannai, Milaha’s President and CEO, said: “Shipping is experiencing some of the most difficult conditions we have seen since the financial crisis. Despite these difficulties and the drop in earnings relative to the same period last year, Milaha’s net profit margin remains a healthy 38%.”

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