Milaha Offshore’s net profit decreased by QR25 million, with QR22 million of that related to impairments. Milaha Capital’s net profit decreased by QR 21 million

Qatar Navigation (Milaha) reported a net profit of QR236 million ($64.76 million) for the first quarter of 2017, down from QR352 million reported a year earlier. Operating revenues stood at QR648 million during the period compared to QR767 million for the same period in 2016.

Milaha’s operating profit for the first quarter is QR185 million compared to QR256 million in Q1, 2016. Earnings per share stood at QR2.12, compared to QR3.10 for the same period in 2016.

Milaha said yesterday its Maritime & Logistics’ net profit declined by QR14 million, mainly as a result of continued rate pressure in our Container Shipping unit. Milaha Gas & Petrochem’s net profit declined by QR46 million as a result of a global downturn in shipping rates that impacted all major sectors we operate in.

Milaha Offshore’s net profit decreased by QR25 million, with QR22 million of that related to impairments. Milaha Capital’s net profit decreased by QR21 million, mainly due to impairments in available for sale investments.

"We are continuing to face the same market challenges as in 2016, but we remain confident in our ability to drive growth and capitalize on new opportunities while exercising financial discipline," says Sheikh Ali bin Jassim Al Thani, chairman of Milaha’s Board of Directors.

Milaha’s president and CEO Abdulrahman Essa Al-Mannai says: "Given the difficult environment we are working in, we posted solid operational results. We will continue moving ahead with our multi-year growth strategy to build a stronger and more sustainable business."

Meanwhile, Milaha has launched a door-to-door shipping service between Qatar and UAE, and vice versa. Mainly targeting SMEs in the automotive spare parts, fashion retail, and the Fast-Moving Consumer Goods (FMCG) sectors, Milaha will use its own marine transport assets and logistics infrastructure to fulfil the service.

The service is part of the company’s strategy to be a one-stop shop for its partners’ shipping and logistics requirements. The frequency of the service will initially be weekly, and it will allow customers to track their cargo online from point of origin to destination.Al-Mannai said: "This new service is a great example of the advantage of our presence across the supply chain, and how we can leverage the synergies among our business units – in this case, our Logistics and Container Shipping units – to give our clients and partners seamless solutions at very competitive prices."

Milaha’s new service is ideal for SMEs as it provides a quick delivery time with regular departures between Dubai and Doha.