(MENAFN- The Peninsula) Qatar Navigation (Milaha) delivered a net profit of QR651m for the first half of 2015 (H1, 15), an increase of 26 percent in its profitability compared to the first half of 2014.
Milaha's operating revenues increased by 22 percent to QR1.51bn for the half year ended June 30, 2015, up from QR1.24bn for the same period in 2014. Operating profit increased by 31 percent to QR442m, up from QR337m a year ago. Eearnings per share increased to QR5.73 for H1, up from QR4.56 a year ago. Milaha Maritime & Logistics' revenue grew by 27 percent and net profit by 119 percent,, mainly driven by our port and container shipping businesses. The ramp up in project activity in Qatar lead to increased trade volumes continues to positively impact this segment.
Milaha Gas & Petrochem's revenue grew by 26 percent and net profit by 29 percent, on the back of stronger performance from its fully owned and operated product tankers and gas carriers, as well as investments in associates and LNG JVs. Milaha Offshore's revenue grew by 41 percent and net profit by 151 percent despite weak market conditions driven by the steep decline in oil prices and the cutbacks on capital spending by oil majors. The offshore management team continues to take steps towards a long term strategy of fleet renewal and geographic expansion, while optimising utilisation and operating efficiency under the current difficult conditions.
Milaha Trading's revenue grew by 24 percent and net profit by 108 percent on the back of strong equipment sales driven largely by the ongoing projects in Qatar.
Despite outperforming the Qatar Exchange index, the performance of the actively traded investment portfolio of Milaha Capital experienced a decline, resulting in an 8 percent drop in net profit in comparison to the same period in 2014.
"We continue to execute on our long term strategy and, as a result, we have continued to deliver strong financial performance in a challenging business environment. Our seasoned management team remains focused and committed to growing the various Milaha segments, with a particular emphasis on gas transportation, container shipping, offshore, warehousing and logistics," said Sheikh Ali bin Jassim Al Thani (pictured), Chairman of Milaha.
He added, "Over five years ago, Milaha embarked on a transformation that reinvented the way it conducts business. I am pleased that our hard work and unwavering commitment to improvement and growth is paying off and we see that reflected in our financial results as well as in our growing recognition locally, regionally and internationally."
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