Nakilat sees highest profit since inception

Qatar Gas Transport Company (Nakilat) and its subsidiaries have achieved a consolidated net profit of QAR 1,44 billion ($395.3 million) in the fiscal year 2022, a significant increase of 6.3%, as compared to QAR 1,35 billion ($372 million) in 2021.

Courtesy of Nakilat
Courtesy of Nakilat

It also achieved revenues of QAR 4,4 billion ($1.209 billion), an increase of 6.3%.

Nakilat’s board of directors commended all employees of the company for their “continuous efforts to achieving strong financial performance and sustainable operational excellence throughout the year 2022,” and recommended the distribution of cash dividends.

Abdulaziz Jassim Al-Muftah, Chairman of Nakilat’s board of directors, said: “2022 has been a year marked with changes and challenges that have reshaped our industry. It has also been a year exemplified by the exceptional financial performance of our company, a direct reflection of our expansion strategy, outstanding record, and operational excellence in energy transportation and maritime services.”

“The company’s resilience and the convergent efforts of its employees have enabled Nakilat’s sustained growth momentum and business continuity, creating immense value for both its customers and shareholders.”

Abdullah Al-Sulaiti, CEO of Nakilat, said: “Despite all the challenges the world faced in 2022 by an unprecedented pace of rise in interest and inflation rates, Nakilat managed to overcome these fluctuations with the least impact on its financial performance.”

“The results were complemented by the efforts of our dedicated workforce and collaboration to achieve optimal value for our shareholders and customers.”

“The addition (four new LNG carriers) to our fleet has allowed Nakilat to increase its fleet capacity and increase operational efficiency, giving us a competitive advantage at a time when the company is expanding its portfolio in the global transportation market by constantly searching for growth opportunities that benefit its shareholders in the long term.”

Nakilat’s LNG shipping fleet comprises 69 LNG vessels, and the company also owns and manages one FSRU and four large LPG carriers.

Nakilat operates the ship repair, industrial, and offshore fabrication facilities at Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan Industrial City via strategic joint ventures N-KOM and QFAB.

It also offers a full range of marine support services to vessels operating in Qatari waters.

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