{"id":70331,"date":"2023-04-26T00:00:00","date_gmt":"2023-04-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/04\/26\/milahas-revenues-take-a-hit-amid-slowdown-in-container-shipping\/"},"modified":"2023-04-26T00:00:00","modified_gmt":"2023-04-26T00:00:00","slug":"milahas-revenues-take-a-hit-amid-slowdown-in-container-shipping","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/04\/26\/milahas-revenues-take-a-hit-amid-slowdown-in-container-shipping\/","title":{"rendered":"Milaha\u2019s revenues take a hit amid slowdown in container shipping"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Qatari maritime transport and logistics company <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.milaha.com\/\" style=\"\">Milaha<\/a><\/span><span style=\"font-weight:700\"> saw its net income rise 0.83% y-o-y to <\/span><span style=\"font-weight:700\">QAR 363 mn in 1Q 2023<\/span><span style=\"\">, <\/span><span style=\"\">according to their <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/4\/Milaha%20Earnings_791.pdf\" style=\"\">financials (pdf)<\/a><\/span><span>.<\/span><span style=\"font-weight:400;\"> The company\u2019s revenues fell 16% y-o-y to QAR 766 mn. Earnings per share remained stable y-o-y at QAR 0.32. The company managed to keep costs under control, with operating expenses falling 22.6% y-o-y during the quarter to QAR 556 mn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The company\u2019s maritime and logistics division took the biggest bottom line hit, falling 73% y-o-y<\/span><span> to QAR 24 mn, while the segment\u2019s revenues dropped 33% y-o-y to QAR 246 mn. This was attributed to the decline in container shipping rates and container volumes during the quarter, especially in comparison to the record rates of early 2022, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.milaha.com\/en\/news-and-media\/milaha-reports-qar-363-million-net-profit-first-quarter-2023\" style=\"\">the earnings release<\/a><\/span><span>. The company\u2019s gas<\/span><span> and petroleum division saw its <\/span><span>net income<\/span><span> fall 5% y-o-y to QAR 156 mn<\/span><span style=\"font-weight:400;\">, mainly due to lower income from associate firms. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Other divisions fared better:<\/span><span> The company\u2019s offshore marine division reported a 627% y-o-y increase to QAR 61 mn in net income and a 6.6% y-o-y revenue growth to 309 mn, as it managed to land higher margin contracts and cut costs. Although revenues for Milaha\u2019s trading division fell 13% y-o-y to QAR 58 mn, it achieved a 232% y-o-y bottom line increase to QAR 3 mn, as it expanded its ship chandlering services and cut costs. The company\u2019s capital division reported a 17% y-o-y increase in net income to <\/span><span>QAR 120 mn.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Looking ahead: <\/span><span style=\"font-weight:400;\">Milaha expects that warehousing and freight forwards will continue to slow in 2Q 2023 before picking up in 2H 2023. The company also sees shipping rates remaining \u201cfairly stable\u201d following their slump in the first quarter of the year.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company\u2019s maritime and logistics division fell 73%<\/p>\n","protected":false},"author":1,"featured_media":70332,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[175],"tags":[448,174,17,181,153],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-70331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings","tag-earnings-watch","tag-enterprise-logistics","tag-milaha","tag-qatar","wpautop","entry"],"acf":{"mongo_id":"302dd822-bfdf-4c24-a1fd-0c834b807d6d","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/790.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Milaha\u2019s revenues take a hit amid slowdown in container shipping","related_issue":[70318],"teaser":"The company\u2019s maritime and logistics division fell 73%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.1ca74dc3-5421-48d3-9938-6b6bec776c04.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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