Qatar Navigation (Milaha) has announced the resignation of the company’s President and CEO, Mr. Abdulrahman Essa Al-Mannai, in order to pursue other duties.
Milaha stated that the company’s Board of Directors has accepted the resignation of the Group President and CEO and named Mr. Mohammed Abdulla Swidan, Executive Vice President of “Milaha Offshore and Marine Services,” as interim President and CEO.
Mr. Swidan has nearly twenty years of experience in the maritime transport sector. He holds a master’s degree in business administration (MBA) in “Global Shipping Management” from the University of Greenwich-London and his Senior Marine Engineering certificate.
H.E Sheikh Jassim bin Hamad bin Jassim Jaber Al-Thani, Chairman of Milaha’s Board of Directors, stated: “Mr. Al-Mannai has played a vital role in the company’s development, in line with Milaha’s vision and strategic plans set by the board. His efforts resulted in creating a successful and sustainable business model, which will enable the group to continue achieving future growth and development.”
The members of the Board of Directors expressed their immense gratitude to Mr. Al-Mannai, for his leadership and valuable contribution throughout his service period in Milaha, which extended for nearly seven years, wishing him all the success in his future endeavours.
For his part, Mr. Al-Mannai expressed his appreciation to the Board of Directors and to all Milaha employees for their full support throughout his years of service.
Milaha Reports a 21% Increase in Net Profit for Q1 2022
On the other hand Operating revenues of QAR 913 million for the three months ended March 31, 2022, compared to QR 675 million for the same period in 2021
Operating profit of QAR 194 million for the three months ended March 31, 2022, compared to QAR 131 million for the same period in 2021
Net profit of QAR 360 million for the three months ended March 31, 2022, compared to QAR 297 million for the same period in 2021
Earnings per share increased to QAR 0.32 for the three months ended March 31, 2022, compared to QAR 0.26 for the same period in 2021
Milaha Maritime & Logistics’ net profit increased by QAR 46 million on the back of continued strong container shipping rates and internal optimization measures.
Milaha Gas & Petrochem’s net profit increased by QAR 21 million, mainly a result of higher income from our associate companies.
Milaha Offshore’s net profit increased by QAR 6 million, driven by strong revenue growth and increased performance of key assets.
Milaha Capital’s net profit decreased by QAR 8 million, with lower investment income partially offset by increased real estate profits.
Milaha Trading’s bottom line decreased by QAR 1 million due to margin compression in our marine & lubricant business.
