Photo: Courtesy of Nakilat

Nakilat post record profit in 2020

Qatar’s Nakilat, the world’s largest LNG shipper, reported its highest profit since inception.

Nakilat posts record profit in 2020
Courtesy of Nakilat

The Qatari LNG shipping giant posted a net profit of 1.16 billion Qatari Riyals ($318.9 million) for the year ended December 31, 2020.

This is an increase of 15.7 per cent from the 1 billion Qatari Riyals ($274.7 million), reported in 2019.

Despite the effects of the global COVID-19 pandemic, the company has completed the second phase of fleet management transition involving 7 carriers. The company has also taken delivery of two MEGI LNG newbuilds. It has also completed the first FRSU transition to NSQL-management.

Courtesy of Nakilat

Nakilat also reported a revenue of 4.02 billion Qatari Riyals ($1.1 billion), 3.4 per cent up on the revenue reported for 2019.

Mohammed Bin Saleh Al Sada, chairman of Nakilat’s Board of Directors said: “During this past year, Nakilat, like the rest of the global shipping and maritime industry, has had to navigate unprecedented challenges to its operations due to the COVID-19 global pandemic.”

The company’s CEO, Abdullah Fadhalah Al Sulaiti added that amid the challenging business landscape, Nakilat remained steadfast in executing its long-term strategies, sustaining operational efficiencies while ensuring fiscal discipline across our global shipping and maritime operations.