MILAHA REPORTS NET PROFIT OF QR 236 MILLION FOR Q1 2017

Doha, – Qatar Navigation (Milaha) on Monday announced its financial results for the three months ended March 31, 2017, revealing a net profit of QR 236 million for the three months ended March 31, 2017, compared to QR 352 million for the same period in 2016.

In a press release today, Milaha said its operating revenues of QR 648 million for the three months ended March 31, 2017, compared to QR 767 million for the same period in the previous year.

It added that earnings per share of QR 2.12 for the three months ended March 31, 2017, compared to QR 3.10 for the same period in 2016.

“We are continuing to face the same market challenges as in 2016, but we remain confident in our ability to drive growth and capitalize on new opportunities while exercising financial discipline,” said HE Chairman of Milaha’s Board of Directors Sheikh Ali bin Jassim Al-Thani.

For his part, Milaha’s President and CEO Abdulrahman Essa Al Mannai said: “Given the difficult environment we are working in, we posted solid operational results. We will continue moving ahead with our multi-year growth strategy to build a stronger and more sustainable business.” The company was established in July 1957 as the first public shareholding company registered in Qatar and holds commercial registration no. 1. Milaha’s current activities include marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management. (QNA)

Source: Qatar News Agency