Milaha reports net profit of QR 759 million for the Nine Months Ended Sep 30, 2016

Qatar Navigation (Milaha) Q.P.S.C. recently revealed its financial results for the 9 months ended September 30, 2016.

Key financial highlights:

Operating revenues of QR 1.99 billion for the nine months ended September 30, 2016, compared to QR 2.30 billion for the same period in 2015

Operating profit of QR 513 million for the nine months ended September 30, 2016, compared to QR 686 million for the same period in 2015

Net profit of QR 759 million for the nine months ended September 30, 2016, compared to QR 959 million for the same period in 2015

Earnings per share of QR 6.68 for the nine months ended September 30, 2016, compared to QR 8.44 for the same period in 2015

Milaha Maritime & Logistics' total profits declined by 13%. The Port Services unit continued to be negatively affected by lower incomes from supplementary services, non-containerized basic cargo, and RORO. In addition, despite growing market share and volumes, the Container Shipping unit was adversely affected by rate pressure.

Milaha Gas & Petrochem's income grew by 24% as a result of the full duration effect of the investment in 2 LNG carriers made in the second half of 2015.

Milaha Offshore's earnings decreased by 17%. Weak point in oil prices and the resulting cuts in investments by the oil and gas majors continued to weigh down results in this sector.

Milaha Trading's income dropped 26% owned by lower heavy equipment sales as compared to the high levels witnessed last year.

Milaha Capital's income declined by 21% with lower dividend earnings from the very first quarter continuing to hinder full segment results.

" Due to the weaker macroeconomic conditions and volatility in our core sectors, we continue to run in a difficult environment. In the face of these challenging times, however, Milaha stays concentrated on investing for the future and pursuing the best development opportunities domestically and globally," stated H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha's Board of Directors.

For his part, Mr. Abdulrahman Essa Al-Mannai, Milaha's President and CEO, said: "Shipping is experiencing a few of the most difficult conditions we have seen since the financial crisis. Regardless of these difficulties and the drop in revenues relative to the very same period last year, Milaha's net profit margin remains a healthy 38%.".

The company will carry out an investor teleconference on Tuesday, October 25th, 2016 at 3 pm Doha time, to even more discuss its outcomes. The conference call may be accessed by telephone by dialing +44 (0) 1452 555566 (UK and International) and getting in the Conference ID: 99719551. More info can be found on our website www.milaha.com.