{"id":72632,"date":"2023-08-08T00:00:00","date_gmt":"2023-08-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/08\/08\/qatars-milaha-sees-marginal-bottomline-growth-in-1h-2023-amid-falling-container-rates\/"},"modified":"2023-08-08T00:00:00","modified_gmt":"2023-08-08T00:00:00","slug":"qatars-milaha-sees-marginal-bottomline-growth-in-1h-2023-amid-falling-container-rates","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/08\/08\/qatars-milaha-sees-marginal-bottomline-growth-in-1h-2023-amid-falling-container-rates\/","title":{"rendered":"Qatar\u2019s Milaha sees marginal bottomline growth in 1H 2023 amid falling container rates"},"content":{"rendered":"

Qatari ocean carrier <\/strong>Milaha<\/a><\/strong> \u2019s <\/strong> bottomline inched up 1% y-o-y to QAR 284 mn in 2Q <\/strong> 2023 <\/strong>, amid a continued slump in container rates, according to the company\u2019s consolidated quarterly financials (pdf)<\/a>. Revenues for the quarter came in at QAR 744.6 mn, down almost 14% when compared to the same period last year. <\/p>\n

On a half-year basis: <\/strong> Milaha\u2019s bottomline for 1H 2023 inched up 0.9% y-o-y to QAR 647.9 mn, according to its semi-annual financials (pdf)<\/a>. Total operating revenues declined almost 15% y-o-y to QAR 1.51 bn.<\/p>\n

A drop in container rates from last year\u2019s \u201cnear record highs\u201d underpinned muted <\/strong> performance: <\/strong> Milaha Maritime and Logistics division \u2014 which covers the group\u2019s port services, container shipping, and other activities \u2014 saw its bottomline for the first six months of 2023 fall 84% y-o-y to QAR 30 mn on the back of a steep fall in container rates, according to the company\u2019s investor\u2019s presentation (pdf)<\/a>. <\/p>\n

But <\/strong> improved performance across other operations more than made up for the shortfall: <\/strong>Milaha\u2019s other subsidiaries all saw positive bottomline growth in 1H 2023, with Milaha Offshore seeing its net income more than triple to QAR 128 mn, on the back of higher yielding projects and better operational efficiency, the investor\u2019s presentation showed. Milaha\u2019s gas and petrochem segment also saw its bottomline rise 6% y-o-y as the business\u2019 first floating storage and offloading (FSO) unit came online halfway last year, making the largest contribution to Milaha\u2019s coffers with a net income of QAR 326 mn. <\/p>\n

Looking ahead: <\/strong>The company has muted expectations for maritime freight and other logistics operations in 2H 2023. It sees container rates remaining stable following the large slump in 1H, while warehousing and freight forwarding will likewise also be \u201csubdued,\u201d according to the investors\u2019 presentation. Other operations are slated to see strong to stable growth, in line with what has been observed so far this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company sees container rates remaining stable for the remainder of the year<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[174,17,153,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-72632","post","type-post","status-publish","format-standard","hentry","category-earnings-watch","tag-earnings-watch","tag-enterprise-logistics","tag-qatar","tag-shipping-maritime","wpautop","entry"],"acf":{"mongo_id":"3c7eec76-4f45-4c0d-ad61-d84e0a1f8b65","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/294.jpg,https:\/\/www.facebook.com\/QatarNavigation\/photos","photo_position":"above","homepage_title":"","full_issue_title":"Qatar\u2019s Milaha sees marginal bottomline growth in 1H 2023 amid falling container rates","related_issue":[72620],"teaser":"The company sees container rates remaining stable for the remainder of the year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.42d48d5c-cbf2-45b6-94cf-fb07a2f80e62.mp3"},"yoast_head":"\nQatar\u2019s Milaha sees marginal bottomline growth in 1H 2023 amid falling container rates - 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