MILAHA-

Qatar Navigation’s (Milaha) net income rose 5% y-o-y to QAR 917 mn (c. USD 251.7 mn) in 9M 2024, according to an earnings release (pdf) on the Qatar Stock Exchange. The firm’s operating income dipped 4.4% y-o-y to QAR 2.1 bn during the same period.

A closer look: Milaha Maritime & Logistics’ bottom line increased by QAR 1 mn, driven by high project income from shipyard operations, while Milaha Gas and Petrochem’s net income increased QAR 31 mn due to strong earnings from associate companies, according to a statement. The offshore segment’s net income fell by QAR 22 mn, which the firm attributed to required vessel maintenance and the absence of favorable accounting adjustments recorded in 2023. Milaha Trading and Milaha Capital also saw bottom line gains.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

EASYLEASE-

EasyLease, a subsidiary of ADX-listed mobility solutions outfit and International Holding Company (IHC), saw its net income dip 4.2% y-o-y to AED 9.7 mn in 3Q 2024, according to a financial statement (pdf). The company’s revenues rose 41.3% to 102.3 mn during the quarter.

On a nine-month basis: EasyLease’s bottom line increased 5% y-o-y YTD to AED 27.9 mn in 9M 2024, while the firm’s revenues rose 37.9% y–o-y to 292 mn.

EasyLease has been on an expansion spree this year: EasyLease acquired a 51% stake in Dubai-based Ghassan Aboud Group’s multi-sector logistics services provider Gallega Global Logistics for an undisclosed sum. The firm also acquired a 60% stake in UAE-based Alserkal Group subsidiary and transportation technology solutions provider United Trans back in April. It also snapped up a 60% stake in Ripe last December, which offers various services including container and commercial kiosk rentals. That same month, it acquired a 60% stake in UAE-based electric charger manufacturing and installation company Fully Charged to increase decarbonization in last-mile delivery across the UAE and the region.

Tags: