EMEA News
Annual Profit down at Qatar Navigation's Marine Fuel Trading Arm
Qatar Navigation's (Milaha) marine fuel trading arm posted weaker profits for 2017 over the previous year with profitability falling across company sectors except from its investment portfolio.
Milaha Trading saw profit drop by QAR 7 million ($2m)) over the period "mainly as a result of reduced margins in marine fuel and lubricant sales", the company said in an earnings release.
Overall, the shipping group posted QAR 470 million profit with revenue and operating profit down by 2% and 19% respectively over the period.
"We finished 2017 with strong momentum to carry us into 2018 and beyond," said company president and chief executive Abdulrahman Essa Al-Mannai.
"This reflects the success of the new shipping routes and supply chain solutions we launched throughout the year.
"Additionally, we continued to improve the cost structure of our businesses, expand our value proposition, and we remain on track to deliver sustained short and long-term growth."
