Good day. My name is Chantelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Milaha Conference Call. As a reminder, today's conference call is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press star one again. Thank you. Akram, you may begin your conference.
Thank you. Thank you, everyone for joining Milaha's year-to-date Q3 earnings call and your interest in the company. I'll be starting with our consolidated financial results and then go through our various segments before turning it over to Sami to go over our outlook for the rest of the year. As usual, we will end the call with questions and answers. The key highlights of our financial results. Milaha's operating revenues came in at QAR 2.56 billion for the first nine months of 2022, compared with QAR 2 billion for the same period in 2021, an increase of 26%. Operating profit came in at QAR 424 million for the first nine months of 2022, compared with QAR 192 million for the same period in 2021, for an increase of 121%.
Net profit for the first nine months of 2022 was QAR 851 million, compared with QAR 654 million for the same period in 2021, for an increase of 30%. Lastly, our earnings per share was 0.75 rials for the first nine months of 2022, compared with 0.58 rials for the same period in 2021. Now, moving on to our business segments and starting with maritime and logistics. The segment posted solid year-over-year results led by strong container shipping rates. Those rates, however, came down in the third quarter, and we saw that reflected in the numbers. Shifting back to year-to-date September figures, top line revenue grew by 39% or QAR 307 million, led by our container shipping and logistics units, and mainly container shipping.
Variable expenses grew in line with the revenue growth, resulting in an increase in net profit of 99% or QAR 126 million. With respect to offshore, similarly posted strong results both year-over-year and quarter-over-quarter. Year-to-date, September operating revenue grew by 29% or QAR 207 million versus the same period in 2021. Increased vessel chartering from additional work, employment of our lift boat, which was idle last year, and additional diving-related projects drove the increase in revenue. Variable expenses increased in line with revenue and various accounting provisions and impairments that negatively impacted last year's results did not recur this year. The net income result was year-over-year growth of QAR 884 million or over 470%. As for Gas & Petrochem, it had a drop in revenue of 19%, but an actual pickup in operating margin.
We divested from of both tanker and gas carrier assets, which drove the drop in revenue. The tankers in specific performed poorly last year due to near-record low shipping rates and hence the pickup in operating margin. At the non-operating level, income increased by QAR 51 million, driven by the following three factors. QAR 45 million increase in additional income coming mainly from our share of Nakilat. QAR 16 million less income coming from our VLGC joint venture, Gulf LPG, due to much lower shipping rates than the same period last year, and QAR 19 million in higher gain on sale of vessels. In 2022, we recorded a gain of QAR 12 million on the sale of the gas carrier, whereas in 2021 we recorded a loss on the sale of the tankers.
Net profit for the segment ended up QAR 57 million, up QAR 57 million or 14% versus the same period in 2021. Performance of our trading segment essentially came in flat. Lastly, capital. Investment revenue increased by QAR 39 million. In our real estate unit, it increased by QAR 9 million, coming primarily from the Villa compound, which was leased out in Q3 of last year. On the expense side, we took a QAR 16 million bad debt provision, which was recorded in Q1 of this year, and which resulted in overall operating profit growth of QAR 27 million. On the non-operating income level, however, results came in lower by QAR 97 million, with QAR 86 million of that coming from an impairment on one of our real estate properties. Overall, we ended up with a net profit drop of QAR 71 million capital.
That essentially wraps up the segments. I will now hand it over to Sami to discuss outlook for the rest of the year.
Thank you, Akram. Starting with maritime and logistics. On the container shipping side, we expect rates to continue their downward trend for the rest of the year. In logistics, we expect a general uplift in Q4 in warehousing and freight forwarding related to World Cup activities. In offshore, on both the support vessels and services side, as well as the harbor side, we expect a continuation of what we've already witnessed this year. Additionally, the new five-year contract for the lift boat will take full effect in Q4, which will stabilize income for that key asset.
In Gas & Petrochem, overall, we expect limited volatility due to the long-term nature of contracts we have in most business units. Our VLGC JV is the exception to that, where performance is difficult to predict due to volatile spot prices. In trading, growing the business is still a priority, and we expect and are hopeful on better results. Lastly, capital, we will continue to focus on yield enhancement. With that, operator, we will now turn it over to questions.
At this time, I'd like to remind everyone, in order to ask a question, please press star one. We'll pause for just a moment to compile a Q&A roster. Again, if you would like to ask a question, please press star one. We do have a question from Shabbir Kagalwala with Al Rayan Investment. Your line is open.
Gents, thank you for your presentation. This is Shabbir Kagalwala from Al Rayan Investment. I would just like to know you took an impairment on your capital side. You mentioned about taking it on one of your real estate properties. Can you elaborate a bit if it's like a commercial property or a warehouse or a residential property? Do you see more impairments coming in on that property or everything, whatever was acquired, is taken?
Okay. Thank you very much for your question. We actually took the impairment on our warehousing facility, which was built many years ago. That facility was built with high specifications and a relatively high cost, which is unrealistic today, especially when looking at what today's market will accept. You know, essentially that's what we've done. We've taken it on the warehousing facility. Now, you know, I've said it before, and I will say it again, you know, the large impairments we recorded over the past few years will not recur. It's important to note, I've also said that on an asset by asset basis, we may book impairments depending on changing market conditions and dynamics.
Accordingly, you know, we did take that impairment on this asset, but we don't foresee any more going forward. Again, as I mentioned before, historically we've taken large and substantial impairments, but we don't expect those to recur. Again, as I also mentioned before, from time to time, there will be some adjustments, you know, to asset values.
Right. Thank you. One final question on the overall outlook of the business in the fourth quarter. Given the World Cup, how do you see fourth quarter panning out for you in terms of your maritime logistics and other segments which are directly exposed to the World Cup?
Well, listen, I mean, we're obviously a very diverse business, so we're in various segments that are impacted by various market dynamics. You know, we are essentially seeing an uptick in Q4 in some of the business units as a result of World Cup activities. There is a pickup. Now, maritime, and if you look at container shipping, container shipping obviously is very much impacted by global dynamics. You're beginning to see global container shipping rates coming down. You know, again, as I mentioned, we have some business segments that will do quite well in Q4. You know, there's you know quite a bit of activities as a result of FIFA, but we also have business segments that are impacted by global dynamics. Hope that answers your question.
Yes. Thank you. That's helpful.
Thank you.
Again, if you would like to ask a question, please press star one. Our next question comes from Imran Khan with SAFA. Your line is open.
Hello, everybody. Thank you so much for your presentation. My name is Imran Khan. I'm from SAFA Logistics Group, and let me congratulate you on the good financial results. My question is, there was an investment by Milaha together with Qatar Port in Ukraine, and how is that turning out to be for you? I mean, I don't need any surprises because I know that the situation in Ukraine is bad. Are there any plans to invest in Europe, in Germany or in other European markets using your excess capital and cash that you are generating from your operations in Qatar? Thank you very much.
Thank you very much for the question. Even though we are a major shareholder or partner as well in QTerminals, we can't really provide guidance on QTerminals. What I can tell you is that QTerminals has a very aggressive growth plan. Whatever actions or activities take place, you essentially hear about them in the market. As it relates to Ukraine, obviously the situation is clear to everyone. We're in a wait and see mode. Essentially, I don't expect major surprises other than what we have heard about in the media. Again, that's all I can say. Again, you know, QTerminals has an aggressive growth plan.
They have a solid management team with strong operational capability, and we are quite confident that the management team can grow the business and continue to build up the port portfolio.
Thank you very much.
Thank you.
There are no further questions at this time, and I'll turn the call back over to the company for closing remarks.
This is Bobby Sarkar. If there are no further questions, we can end the call. I just wanna apologize for the late start for the call, and I wanna thank Akram and Sami for taking the time to you know respond to our questions and for the presentation, and we'll pick this up next quarter. Thank you so much.
Thank you very much. Thank you very much everyone for your interest in Milaha, and we look forward to seeing you in Q4 or Q1 next year.
This concludes today's conference call. You may now disconnect.