- Milaha reported a total net profit of QR628 million for H1 2024, with mixed results across its business segments.
- The Gas & Petrochem and Capital segments showed growth, while Maritime & Logistics, Offshore, and Trading segments faced challenges.
- An investor conference call is scheduled to provide further insights into the company’s performance and future strategies.
Qatar Navigation Q.P.S.C., commonly known as Milaha, has released its financial results for the first half of 2024, revealing a complex picture of performance across its diverse business segments. The Qatari maritime and logistics giant reported a total net profit of QR628 million for the six-month period ending June 30, 2024, demonstrating the company’s resilience in a challenging global economic environment.
The company’s various segments showed mixed results, reflecting the dynamic nature of the maritime and logistics industry. Milaha Maritime & Logistics, a key segment of the company’s operations, experienced a decrease in net profit by QR33 million. This decline was attributed to general volume and rate pressures across the segment, which outweighed the increased project income from the company’s shipyard operations.
On a more positive note, Milaha Gas & Petrochem reported an increase in net profit of QR32 million. This growth was primarily driven by improved performance from the company’s associate companies, indicating strong partnerships and strategic investments in the gas and petrochemical sector.
The Offshore segment of Milaha faced some headwinds, with a decrease in net profit of QR25 million compared to the same period in 2023. This decline was largely due to a combination of planned and unplanned vessel maintenance, which negatively impacted revenues. Additionally, the segment’s results were affected by the non-recurrence of favorable accounting adjustments that were recorded in the previous year.
Milaha Capital, the company’s investment arm, showed strong performance with an increase in net profit of QR15 million. This growth was led by increased income from the financial investments unit, highlighting the company’s successful diversification strategy and ability to capitalize on market opportunities.
However, Milaha Trading faced challenges, with its bottom line decreasing by QR10 million. This decline was attributed to lower sales volumes and increased overhead costs, reflecting the competitive nature of the trading sector and the ongoing global economic pressures.
In light of these results, Milaha has scheduled an investor conference call to provide further insights into its performance and strategy. The call, set for August 14 at 2:00 pm Doha time, offers an opportunity for stakeholders to engage directly with the company’s leadership and gain a deeper understanding of the factors influencing Milaha’s performance across its various segments.
As Milaha navigates through the complex landscape of global maritime and logistics operations, these results underscore the importance of diversification and adaptability in maintaining overall profitability. The company’s mixed performance across different segments highlights both the challenges and opportunities present in the current market conditions.
Moving forward, industry observers will be keen to see how Milaha adapts its strategies to address the pressures in underperforming segments while capitalizing on the strengths demonstrated in its more successful areas of operation.
