Operating revenue up by 24% on YoY basis
Milaha reported operating revenue of QAR 865mn in 3Q25, marking a 24% YoY increase. This performance was led by increased revenue from the offshore segment, coupled with higher revenue from gas carriers within the gas & Petrochem segment.
Operating and net profit surged in 3Q25
Operating profit rose 25% YoY to QAR 161mn, while net profit surged 34% YoY to QAR 386mn in 3Q25. This profitability improvement was driven by strong revenue growth, resulting in margin expansion. The company’s operating margin improved marginally, while the net profit margin expanded to 44.7% from 41.5% during 3Q24.
U-Capital View
Growth momentum in the offshore and gas & Petrochem segments is expected to continue, driven by North Field development activities and the company’s focus on scaling specialized services. Management is also targeting operational optimization and margin improvement. We have a Buy rating on the stock with a target price of QAR 13.8/share.