The Qatari company’s projects include shipbuilding, trading firms, real estate investments, asset management among others.

Qatar Navigation (Milaha) recorded QAR 363 million profit in the first quarter of 2023, marking a 0.83% jump in comparison to the same period last year, Doha’s stock exchange website announced on Wednesday.

“The Earnings per Share(EPS) amounted to QAR 0.32 as of 31st March, 2023 versus Earnings per Share(EPS) QAR 0.32 for the same period in 2022,” the Qatar Stock Exchange added.

In 2022, Milaha reported a 30% spike within the first nine months of the year, in which its net profit increased to QAR 851 million in comparison to QAR 654 million during the same period in 2021.

Established in 1957, the marine and logistics company’s capital is worth at least QAR 1.136 billion and was the first public shareholding company to be incorporated in Qatar.

Milaha’s projects include shipbuilding, trading firms, real estate investments, asset management, offshore support services, port administration and operations among others.

The Qatari company is also among the participants of QatarEnergy’s Tawteen initiative, aimed at localising the energy sector’s supply chain as part of the Qatar National Vision 2030.

Last year, QatarEnergy granted Milaha a QAR 1.4 billion contract to provide engineering and logistical support for local offshore oil and gas projects.

According to the Gulf state’s news agency (QNA), the duration of the contract with the Qatari maritime and logistics services company will last for five years and is subject to renewal.

Milaha’s President and Acting CEO Mohammed Abdullah Sweidan said at the time that the contract with QatarEnergy is the largest commercial transaction in the company’s history. 

The contract was announced after QatarEnergy concluded the signing of contracts with five global companies for the $28.75 billion North Field East (NFE) Project.

The NFE is one of two parts of the $28.75 billion North Field LNG expansion project that is set to boost Qatar’s production from 77 million to 110 million tonnes per annum (MTPA) by 2025.

The second part is the North Field South (NFS) project which will increase Qatar’s LNG production capacity from 110 to 126 MTPA by 2027.