Qatari ocean carrierMilaha’s bottom line fell 73.94% y-o-y to QAR 222 mn in 3Q 2023, according to Enterprise Logistics calculations based on its financials (pdf). Operating revenues during the period fell 3.3% y-o-y to QAR 720 mn, according to our math.

On a 9M basis: The company’ net income increased 2% y-o-y to QAR 870 mn in 9M 2023, according to its earnings release (pdf). Meanwhile, operating revenues for the period came in at QAR 2.2 bn, down 12.9% from the same period last year.

Milaha felt the impacts of falling shipping rates:The company’s maritime and logistics segment — which covers the group’s port services, container shipping, and other activities — saw a 96% y-o-y fall in net income to QAR 9 mn in 9M 2023, on the back of a steep drop in container rate and volumes.

On the bright side: Its gas and petrochem segment’s bottomline recorded an 8% y-o-y increase to QAR 506 mn in 9M 2023, underpinned by increased revenues for its first floating storage and offloading vessel, as well as LNG vessel income. Milaha Offshore’s net income also jumped 132% y-o-y to QAR 153 mn during the same period, driven by higher project incomes and better use of key diving assets.

Looking ahead: The company’s maritime and logistics segment is expected to continue seeing decreased container shipping rates, while its warehousing and freight forwarding activities will likely remain muted in 4Q 2023, according to its earnings presentation. On the brightside, its offshore segment will likely continue to see strong performance on the back of strong oil and gas activities in Qatar, while gas and petrochem segment projects should see steady earnings from its long-term fixed contracts.

ADX-listed mobility solutions company and International Holding Company subsidiary EasyLease’s bottomline fell 19% y-o-y to AED 26.5 mn in 3Q 2023, according to an earningsrelease. The company’s topline grew 35.6% y-o-y to AED 211.8 mn during the same period. The drop in net income comes as the company continues to make investments in its long-term business expansion plan, including expanding into Saudi Arabia and Bahrain, as well as tapping new verticals, the earnings release said.

What they said: “While our new investments may have affected some of our quarterly figures, we view it as a transient impact and remain steadfast in our commitment to long-term sustainability and the realization of our ambitious objectives laid out in our 2025 strategic plan,” CEO Ahmad Al Sadah said.

Looking ahead: EasyLease is looking into using unmanned aerial vehicles (UAVs) to transport goods as well as increasing its decarbonization efforts in last-mile delivery across the UAE and the broader region.

Tags: