Nakilat Sees Slight Drop in Net Profit
- Business & Finance
Nakilat, the shipping arm of Qatar’s liquefied natural gas (LNG) sector, has reported a net profit of QAR 749 million (USD 205.6 million) in the third quarter of 2016 compared to QAR 757 million (USD 207.8 million) seen in the same period last year.
The company said that the “positive results” were a result of strategic long-term charters of Nakilat’s LNG vessels and the strong LPG vessels performance, which ensured “the continuous strong financial profitability despite the current market conditions of fluctuating oil and gas prices and the slowdown in ship repair and building activities.”
“Nakilat’s resilient financial performance, despite the current economic climate, is attributed to the prudence and effectiveness of our long-term business strategies. We are actively seeking out new business opportunities to grow our business portfolio and maximize returns for our shareholders,” Nakilat Managing Director Eng. Abdullah Fadhalah Al Sulaiti said.
In the first half of the year the company reported a slight increase in its net profit to QAR 501 million from QAR 491 million seen in the first half of 2015.
Earlier in 2016, Nakilat revealed its plans to pursue aggressive developments and growth strategies in the long term through acquisition of new business opportunities as it signed a Memorandum of Understanding (MoU) with Qatar Development Bank (QDB) to collaborate in areas including marine export, credit insurance and financing.