Doha, Qatar: Qatar Navigation (Milaha), announced yesterday its financial results for the three months (Q1) ended March 31, 2024. The net profit reached QR365m for the three months ended March 31, 2024, compared to QR363m for the same period in 2023.

The operating revenues reached QR747m for the three months ended March 31, 2024, compared to QR766m for the same period in 2023. While the operating profit stood at QR208m in the first quarter compared to QR210m for the same period in 2023. The Earnings per share remained flat at QR0.32 for the three months ended March 31, 2024, and for the same period in 2023.

Milaha Maritime & Logistics’ net profit decreased by QR33m, driven by reduced overall volumes and business activity when compared to the same period in 2023, as well as a reduction in profits from our joint arrangement partners. Milaha Gas & Petrochem’s net profit increased by QR30m, primarily as a result of higher income from our associate companies.

Milaha Offshore’s net profit decreased by QR3m compared to Q1 2023, with the non-recurrence of a favorable accounting adjustment recorded in 2023 and increased tax provisions for 2024, more than offsetting improved operational performance. Milaha Capital’snet profit increased by QR15m, led by higher income from our financial investments’ portfolio.

Milaha Trading’s bottom line decreased by QR7m from reduced sales of heavy equipment, bunker, and associated ancillary services.

The company will conduct an investor conference call on Wednesday, May 1 at 2:00pm Doha time, to further discuss its results. The conference call may be accessed by telephone by dialing 00 800 101 734and entering the Conference ID: 4652398.

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