Operating profit decreased by 7.2% to QAR259 mill in 1Q16, down from QR279 mill for 1Q15. Net profit also decreased by 3.5% to QAR352 mill, down from QR 365 mill in 1Q15.
Milaha Gas & Petrochem’s revenue grew by 63% and net profit by 23%, driven largely by the investment in two LNGCs made during the second half of 2015 and stronger results from investments in associates and joint ventures.
Milaha Offshore’s revenue declined by 10% and net profit by 47%, mainly due to a very challenging offshore business environment and a delay in vessel mobilisation.
Milaha Trading’s revenue dropped by 22% and net profit by 54%, driven by lower heavy equipment sales due to the slowdown in construction activities in Qatar and various related projects.
Milaha Capital’s revenue declined by 12% and net profit by 5%, mainly driven by lower dividend income.
“Although some of the segments in which we operate are facing some challenging times, we believe in the long term fundamentals of these segments and their ability to recover in the near future,” said Sheikh Ali bin Jassim Al Thani, Chairman of Milaha’s board.
“With a strong balance sheet and a healthy financial position, we are confident that we will withstand the current headwinds and continue to invest in the future,” said Abdulrahman Essa Al-Mannai, Milaha’s President and CEO.