Qatar Navigation, the Doha-listed maritime and logistics group known as Milaha, reported a net profit of QR958 million for the nine months ended September 30, 2026, down 9.5% from QR1.058 billion a year earlier.
Earnings per share fell to QR0.84 from QR0.93, the company said on Monday.
Operating revenue rose 6.6% to QR2.619 billion from QR2.458 billion. Operating profit increased to QR546 million from QR516 million.
Milaha reported a first-half profit of QR542 million in August. That implies third-quarter earnings of QR416 million, up from QR386 million in the same quarter of 2025, based on the company’s reported figures.
The Milaha Maritime and Logistics unit lifted its bottom line by QR175 million. The company credited vessel redeployment and higher industry freight rates in container shipping, along with more project cargo and new landbridge corridors in logistics. Those gains more than offset weaker results from its port operations joint arrangement.
Net profit at Milaha Gas and Petrochem fell by QR142 million. Of that, QR111 million reflected one-time gains booked in 2025 from the sale of two very large gas carriers. The rest came from weaker performance across its fully and partially owned fleet because of the regional conflict.
Milaha Offshore’s net profit dropped by QR104 million, hit by the conflict’s impact on operations and less engineering project work. Milaha Marine and Technical Services posted a QR30 million decline, mainly on reduced operations and conflict-related disruption.
Milaha Capital’s net profit rose by QR1 million. Higher private strategy income in its investment unit was more than offset by lower dividends from its local portfolio, while its real estate unit benefited from the absence of an impairment recorded in 2025.
The company will hold an investor call on October 28 to discuss the results.
