Milaha registers QR365mn net profit on QR747mn revenues in January-March

The earnings-per-share remained flat year-on-year at QR0.32 for the three months ended March 31

Milaha has reported net profit of QR365mn on operating revenues of QR747mn in the first three months of this year.

Earnings-per-share remained flat year-on-year at QR0.32 for the three months ended March 31.

Milaha Maritime and Logistics’ net profit shrank QR33mn, driven by reduced overall volumes and business activity compared to the same period in 2023, as well as a reduction in profits from its joint arrangement partners.

Milaha Offshore’s net profit decreased by QR3mn against Q1-2023, with the non-recurrence of a favourable accounting adjustment recorded in 2023 and increased tax provisions for 2024, more than offsetting the improved operational performance.

Milaha Trading’s bottom line was down QR7mn from reduced sales of heavy equipment, bunker, and associated ancillary services.

Milaha Gas and Petrochem’s net profit, however, increased by QR30mn, primarily as a result of higher income from the associate companies.

Milaha Capital’s net profit was up QR15mn, led by higher income from its financial investments’ portfolio.