Qatar Navigation’s (Milaha) y-o-y net income rose by 9% to reach QAR 1.12 bn (c. USD 324.8 mn) in 2024, according to the firm’s earnings release (pdf) on the Qatar Stock Exchange. The firm’s revenues in 2024, however, saw a drop of 3.5% y-o-y to QAR 2.84 bn.

REFRESHER- Milaha’s net income rose 5% y-o-y to QAR 917 mn (c. USD 251.7 mn) in 9M2024.

Some segments performed well…: The bottom line for Milaha’s Maritime & Logistics segment increased by QAR 45 mn y-o-y in 2024 on the back of robust performance from the firm’s container shipping unit and the deployment of new vessel routes and services. Milaha’s Gas and Petrochem sector also saw its net income rise by QAR 52 mn, while the firm’s offshore segment’s bottom line increased by QAR 24 mn, driven by growth in the oil and gas sectors and improved operating margins.

…but others saw their bottomline dip: Milaha Capital’s net income fell by QAR 3 mn due to an impairment charge in their real estate unit, while their trading segment’s net income also fell by QAR 27 mn on the back of low sales of heavy equipment, bunker, and related ancillary services.

ICYMI- The firm is adding more services: Milaha launched a new weekly Short Sea Med service, MTX 2, on 2 January, connecting Turkey, continental Spain, and the Canary Islands.

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