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.