Nakilat posts rise in half-year profit

Qatar’s Nakilat, the world’s largest liquefied natural gas (LNG) shipping company, reported a 7 percent jump in its half-year profit. 

The company a net profit of 476 million Qatari Riyals ($130.8 million) for the first six months of the year, which compares to 445 million Qatari Riyals during the corresponding period in 2018.

Nakilat’s financial performance is driven by long-term strategic plans towards achieving the company’s goals, the company’s report reads.

The acquisition of two additional LNG carriers and one floating storage regasification unit (FSRU) in 2018 is among the main attributes to the positive financial results, as well as the increased volume of projects at Nakilat’s Erhama Bin Jaber Al Jalahma Shipyard facility which recently commemorated its 200th LNG carrier repair.

Nakilat continues to expand its international portfolio through the acquisition of four additional LNG carriers earlier this year.

In addition, Nakilat has achieved positive results across its operations through rationalization of operational expenses which in turn resulted in a strong first half of the year, leading to a solid stock price performance for the year to date 2019.

Commenting on the company’s results, Nakilat CEO Abdullah Al Sulaiti said, “The huge demand for cleaner energy supports LNG trade growth, hence increases demand for LNG shipping industry. Nakilat strives to meet the growing energy transportation needs by capitalizing on the potential investment opportunity in promising strategic projects.”