Nakilat Boasts Highest Profit Ever
- Business & Finance
The world’s largest owner of LNG carriers Qatar Gas Transport Company Ltd (NAKILAT) booked its highest yearly net profit since the company’s inception, the LNG major announced.
For the year ended December 31, 2019, Nakilat reported a consolidated net profit of QR 1 billion (USD 274.6 million), up by 12.4%, from QAR 892 million recorded 2018. Nakilat’s revenue stood at QAR 3.8 billion, an increase of 6.8%.
The company’s robust financial performance was primarily attributed to the performance of the management of its LNG and LPG vessels, as well as strategic acquisitions.
Namely, Nakilat secured additional revenues from the two additional LNG carriers, one Floating Storage Regasification Unit (FSRU) acquired in 2018 and the acquisition of the remaining 49.9% of four Q-Flexs on October 2019.
The LNG major’s business performance was further boosted by cost optimization efforts and increasing efficiencies through various rationalization activities as well as process enhancements.
Total assets including its share in all its joint venture assets exceeded QAR 55.5 billion, including the QAR 10.6 billion world-class Erhama Bin Jaber Al Jalahma Shipyard fully operated and managed by Nakilat joint venture companies.
“Nakilat has come a long way in its brief 15-year operating history to become a formidable global shipping and maritime company. Bolstered by more favourable market conditions and our own implementation of business diversification and resource optimization strategies, we have stayed true to our mission to create value for our shareholders while elevating the business to new heights,” Dr. Mohammed Bin Saleh Al Sada, Chairman of Nakilat’s Board of Directors, said.
“The result of our efforts is clearly tangible from our stellar financial performance in 2019, thanks to our employees and seafarers’ valuable efforts and contributions towards this accomplishment,” Eng. Abdullah Fadhalah Al Sulaiti, Chief Executive Officer (CEO) of Nakilat, said.
“The company continued its impressive momentum of growth and expansion across all fronts, in preparation for additional shipping capacity to meet the growing international demand for clean energy. Nakilat persevered and emerged even stronger, pursuing operational excellence, diversifying portfolios, solidifying internal capabilities, strengthening the international presence and aggressively implement strategic long-term growth strategies.”
Nakilat has a fleet of 74 vessels, comprising 69 LNG carriers, including four newbuilds, 4 LPG carriers, and one FSRU.