Nakilat Grows Profit by 9 Pct in First Quarter

Qatar-based shipping company Nakilat delivered a 9% increase in profit during the first quarter of 2019.

For the quarter ended March 31, 2019, the company’s net profit increased to QAR 236 million (USD 64.8 million) from QAR 217 million (USD 59.6 million) reported in the same period in 2018.

This rise was mainly due to the acquisitions of two liquefied natural gas (LNG) carriers and one floating storage regasification unit (FSRU) in 2018, as well as a higher volume of projects at Nakilat’s ship repair facility. The achievement of positive results across its operations is also attributed to the rationalization of operational expenses and enhanced operational efficiency.

The company has managed to grow its international portfolio through the recent expansion with Maran Gas Ventures Inc. to include four additional LNG carriers, demonstrating the enhanced operational efficiency and financial strength of the company. With 4 LNG vessels under the new JV, the number of Nakilat’s vessels has increased to 74, accounting for approximately 11.5% of the global LNG fleet in carrying capacity.