By: Mohamed Farouk

Doha – Mubasher:  The Qatar-listed transportation companies reported a decline of 25.2% in its profits for the first quarter of 2017, compared to the same period of 2016.

Nakilat, Qatar Navigation (Milaha), and Gulf Warehousing posted profits of QAR 477.56 million ($131.06 million) in Q1-17, compared to QAR 638.47 million ($175.22 million) in Q1-16, according to the companies’ filings to the Qatar Stock Exchange (QSE).

Milaha’s profits reached QAR 236 million in Q1-17, compared to QAR 352 million in the same period of 2016, showing a slide of 33%.

Profits of Gulf Warehousing grew 8.6% to QAR 50.5 million in Q1-17, compared to QAR 46.5 million in Q1-16.

Nakilat’s profits amounted to QAR 191.06 million in Q1-17, a decrease of 20.4% from QAR 239.97 million in the corresponding period of the year before.

The transportation sector’s profits fell 17.3% to QAR 1.871 billion in 2016, compared to QAR 2.261 billion in 2015.

The number of Qatari companies that announced their first-quarter financial statements reached 18 out of 44 listed companies, achieving a total profit of QAR 6.371 billion in Q1-17, compared to QAR 6.465 billion in the same period of the year earlier, showing a slight drop of 1.5%.

Translated by:
Mohamed Hesham Azab.