Qatar Navigation Q.P.S.C. announces financial performance for first half of 2024

(MENAFN) Qatar Navigation Q.P.S.C. (Milaha) has announced its financial performance for the first half of 2024, ending on June 30. The results highlight varied performance across its business segments. Milaha Maritime & Logistics saw a reduction in net profit by QR33 million. Despite benefiting from increased project income at their shipyard, the overall segment experienced pressure from declining volumes and rates, which offset these gains.

In contrast, Milaha Gas & Petrochem reported a net profit increase of QR32 million. This growth was largely attributed to improved earnings from associated companies within this segment, demonstrating strong performance in the gas and petrochemical sectors.

Milaha Offshore, however, faced a decline in net profit by QR25 million compared to the same period in 2023. This decrease was primarily due to the impact of both planned and unexpected vessel maintenance, which negatively affected revenue. Additionally, the absence of favorable accounting adjustments that were present in the previous year contributed to the reduced profitability.

Milaha Capital experienced a net profit increase of QR15 million, driven by higher income from its financial investments unit. On the other hand, Milaha Trading saw a decline in its bottom line by QR10 million, resulting from lower sales and rising overhead costs. The company is scheduled to hold an investor conference call today, August 14, at 2:00 PM Doha time, to provide further insights into these financial results.

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