DOHA: Qatar Navigation (Milaha) Q.P.S.C. has announced its financial results for the three months ended March 31, 2020.

Key financial highlights:

•  Operating revenues of QAR 690 million for the three months ended March 31, 2020, compared to QR 710 million for the same period in 2019

• Operating profit of QAR 200 million for the three months ended March 31, 2020, compared to QAR 216 million for the same period in 2019

• Net profit of QAR 283 million for the three months ended March 31, 2020, compared to QAR 278 million for the same period in 2019

• Earnings per share remained unchanged at QAR 0.25 for the three months ended March 31, 2020 and for the same period in 2019

Milaha Maritime & Logistics’ net profit decreased by QAR 11 million mainly due to lower freight forwarding volumes and project work.

Milaha Gas & Petrochem’s net profit increased by QAR 69 million, driven by improved market rates benefitting both our wholly owned assets as well as our joint ventures and associates.

Milaha Offshore’s bottom line decreased by QAR 60 million, with increased vessel impairments totaling QAR 74 million more than offsetting higher vessel utilizations.

Milaha Capital’s net profit increased by QAR 5 million mainly due to gain on sale of land  which offset lower dividend and held for trading portfolio income.

Milaha Trading’s bottom line increased by QAR 1 million due to improved operating margins in our bunker and trading agencies units