Qatar Navigation, the Doha-based company more commonly referred to as Milaha, had a bumper first half of its 2022 financial year as its overall net profit soared by 46% to QAR 641m ($176m) from QAR 438m for the same period in 2021.

The multi-sector shipping company benefited from strong earnings in the container and hydrocarbons sectors, which pushed up revenue in the six months ending on 30 June to QAR 1.77bn, as compared to the QAR 1.37bn in revenue earned in the corresponding period of the previous year.

On a sector basis, Milaha Maritime & Logistics — the company’s liner division — saw its net profit increase by QAR 112m, which it attributed mainly to strong container shipping rates.

Milaha Gas & Petrochem’s net profit increased by QAR 48m due to what the company referred to as increased income from associated companies.

Milaha Offshore’s net profit rose by QAR 41m, driven mainly by the increased utilisation of key assets and lower provisions and impairments compared to the same period last year.

Milaha Capital’s net profit grew by QAR 4m, driven by its real estate unit.

On the negative side, Milaha Trading’s bottom line decreased by QAR 1m despite improved revenue. This was blamed on “compressed margins”.

Revenue for Milaha’s offshore division will get a further boost in the near future from QatarEnergy’s mega gas project.

In July, Milaha president and acting chief executive Mohammed Abdullah Swidan revealed that Milaha Offshore had been awarded a QAR 1.4bn contract to provide engineering, logistics, supply and undersea construction work for Qatari offshore oil and gas projects.

The five-year contract, which is subject to renewals, was described by Swidan as being the largest commercial transaction in Milaha’s history. He said the contract would enhance the company’s position as a reliable provider and partner of choice for major oil and gas field development projects in Qatar.

Milaha owns and operates a mixed fleet of 52 containerships, tankers, LNG carriers and offshore support vessels.

The company has ownership stakes in a further six LNG carriers that are operated by joint-venture partners.