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Milaha Reports a 5% Increase in Net Profit for Q1 2021

Qatar Navigation (Milaha) Q.P.S.C. today announced its financial results for the three months ended March 31, 2021.

Key financial highlights:

• Operating revenues of QAR 675 million for the three months ended March 31, 2021, compared to QR 692 million for the same period in 2020
• Operating profit of QAR 131 million for the three months ended March 31, 2021, compared to QAR 200 million for the same period in 2020
• Net profit of QAR 297 million for the three months ended March 31, 2021, compared to QAR 283 million for the same period in 2020
• Earnings per share increased to QAR 0.26 for the three months ended March 31, 2021 compared to QAR 0.25 for the same period in 2020

Milaha Maritime & Logistics’ net profit increased by QAR 12 million due to increased container shipping rates and operational optimization measures that improved operating margins.

Milaha Gas & Petrochem’s net profit decreased by QAR 7 million, due to a drop in tanker market rates, which more than offset higher income from our joint ventures and associates.

Milaha Offshore’s net profit increased by QAR 80 million, mainly due to a reduction in vessel impairments compared to the same period last year.

Milaha Capital’s net profit decreased by QAR 72 million, due to lower dividend income in our financial investment portfolio as well as one-off property sale gains recorded in 2020.

Milaha Trading’s bottom line increased by QAR 1 million driven by top line sales growth of QAR 16 million.
Source: Milaha

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