Sign up to the Port Tech Daily News for free to keep up to date with the latest industry news

Milaha revenues reach over $250 million in Q1 2022


Qatar Navigation (Milaha) has announced its financial results for the first three months of 2022, posting revenues of over $250 million.

The group’s operating revenue for the period reached QAR 913 million ($250.7 million), up from QAR 675 million ($185.3 million) in the same period in 2021.

Operating profit amounted to QAR 194 million ($53.2 million), increasing from QAR 131 million ($35.9 million) in Q1 2021.

Milaha’s net profit for Q1 2022 came to QAR 360 million ($98.8 million), a considerable rise over the QAR 297 million ($81.5 million) in the first three months of 2021.

The group’s Maritime & Logistics business saw the highest increase in net profit, up QAR 46 million ($12.6 million) on the back of continued strong container shipping rates and internal optimisation measures.

Its Gas & Petrochem business net profit also increased by QAR 21 million ($5.7 million). This was driven by higher income from its associate companies.

Lastly, Milaha’s offshore net profit rose by QAR 6 million ($1.6 million) due to strong revenue growth and increased performance of key assets.

The shipping line also recently announced its financial results for calendar year 2021, boasting revenues of QAR 2.78 billion ($741.5 million).

This is a significant rise compared to the company’s revenue in 2020 which amounted to QR 2.27 billion ($623.4 million).

In November last year, Milaha launched its new express service connecting the Far East to India, Qatar, and the Gulf Region.

The new China-India Express (CIX) service aims to enhance connectivity between China, Singapore, Malaysia, Vietnam, India, Qatar, Oman, UAE, Kuwait, and Iraq.

Want to stay up to date with the latest industry news? Sign up to the Port Tech Daily News and receive stories like this directly to your inbox for free.

Cookie Policy. This website uses cookies to ensure you get the best experience on our website.