Milaha reports QR958m net profit for nine-month period

Qatar Navigation, also known as Milaha, reported a net profit of QR958 million for the nine months ending September 30, 2026, marking a decrease from QR1.058 billion in the same period last year, according to the company's financial results released in Qatar.

Operating revenues rose slightly to QR2.619 billion from QR2.458 billion, while operating profit improved to QR546 million from QR516 million. However, net profit fell by QR100 million compared to the previous year, despite strategic vessel redeployment and favorable industry-wide freight rates benefiting the company's container shipping unit.

The logistics unit's performance, including increased project cargo moves and the establishment of landbridge corridors, more than offset weaker port operations joint arrangement results. Milaha Gas & Petrochem experienced a QR142 million net profit decline, largely due to divestment and one-time gains from selling two large gas carriers, along with reduced fleet performance amid regional conflict impacts.

Milaha Offshore and Marine & Technical Services both saw net profit declines of QR104 million and QR30 million respectively, attributed to the regional conflict's effect on operations and reduced engineering project activity.

Despite these challenges, Milaha Capital saw a QR1 million net profit increase, driven by higher private strategy income in its investment unit, which was partially offset by lower dividend income from the local investment portfolio. An investor conference call is scheduled for October 28, 2026, to discuss these results in more detail.