Milaha Reports Net Profit of QAR 470 million for Full Year 2017

  • Milaha Gas & Petrochem’s net profit declined by QAR 269 million in comparison to 2016. The shipping sectors in which we operate continued to face significant challenges in 2017, which impacted both commercial performance as well as vessel valuations. Milaha Offshore’s bottom line declined by QAR 71 million in 2017 compared to 2016 driven by the significant drop in oil prices which negatively impacted the exploration and production value chain, including offshore vessels and related services. Milaha Capital’s net income increased by QAR 129 million as a result of strong returns on our investment portfolio. Milaha Trading’s net income declined by QAR 7 million in 2017 compared to 2016, mainly as a result of reduced margins in marine fuel and lubricant sales.
  • [caption id="attachment_45243" align="aligncenter" width="201"] Milaha’s Chairman H.E. Sheikh Ali bin Jassim Al Thani [/caption]
    “Despite the unexpected events and ongoing industry-wide challenges during the year, Milaha remained profitable in 2017 driven by a stronger operating performance in the third quarter onwards, which we believe, sets the stage for a successful 2018. Going forward, we will continue to focus on driving growth and executing on our strategic priorities,”
    said H.E. Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s Board of Directors. For his part, Milaha’s President and CEO said: “We finished 2017 with strong momentum to carry us into 2018 and beyond. This reflects the success of the new shipping routes and supply chain solutions we launched throughout the year. Additionally, we continued to improve the cost structure of our businesses, expand our value proposition, and we remain on track to deliver sustained short and long-term growth.” The company will conduct an investor conference call on Monday, March 5, 2018 at 2pm Doha time. Milaha is a Qatari Public Shareholding Company with the diversity to deliver seamlessly integrated transport and supply chain solutions. Today, with an expanding fleet, state-of-the art equipment, well-trained manpower and world-class partners, we’re competing to become a globally recognised player in maritime and logistics services. CON Source / More: MILAHA oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Report your news Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook ]]>