Nakilat posts nine-month profit jump

Qatar’s Nakilat, the world’s largest liquefied natural gas (LNG) shipping company, a 10.5 percent jump in profit for the first nine months of the year. 

The company’s net profit for the period ending September 30, reached 728 million Qatari Riyals ($200 million) which compares to 659 million Qatari Riyals in the corresponding period last year.

Nakilat said in its report its positive financial performance can be primarily attributed to better operational performance in managing its LNG and LPG vessels.

The company also realized higher revenues on additional income from the acquisition of two additional LNG carriers and one floating storage regasification unit (FSRU) in 2018, as well as higher LPG shipping rates worldwide.

Furthermore, Nakilat has managed to reduce operational expenses, the statement reads.

Nakilat CEO Abdullah Fadhalah Al Sulaiti said, “in the coming years, Nakilat expects to take on greater ship management responsibilities following the second phase of LNG fleet management transition from Shell and management transition the FSRU, as well as the addition of 4 newbuild LNG carriers to its fleet.”

He further noted that with the greater demand for clean energy globally, Nakilat is looking to expand its international outreach and diversify its portfolio to meet the growing energy transportation needs.