Nakilat’s Q1 Profit Up 8 Pct
- Business & Finance
Qatar Gas Transport Company Limited (Nakilat), the shipping arm of Qatar’s liquefied natural gas (LNG) sector, posted a net profit for the first quarter ended 31 March 2016, worth QR 240 million (aprox USD 66 mln) compared with QR 223 million of the same period of last year, up by 8 percent.
Nakilat attributed the increase in the company’s profits to strong growth in its operating activities in transporting LNG, and better performance of its liquefied petroleum gas (LPG) vessels.
“We are happy with the company’s achievements. Our strategy remains unchanged, and we are concentrating on maintaining a strong portfolio, investing in more efficient technology, and delivering the best results for our investors,” says Eng. Abdullah Fadhalah Al Sulaiti Nakilat Managing Director.
The company added that it was looking into new business opportunities by acquiring new vessels as well as continually assessing “current investments in relation to profitability in order to address any risk involved for the company and its shareholders.”
“Total company revenue of QR 906 million has gone up by 4% compared to same period of last year,” he continued.
“Given of the downturn in the energy market and its corresponding impact on Nakilat’s business outlook, we have managed our company’s operations by emphasizing the importance of identifying efficiencies where possible.”
Nakilat’s said it was confident in achieving higher growth in all aspects of operations in line with the company’s goals set out with Qatar Vision 2030.
The Qatari company has a fleet of 67 wholly-and jointly-owned LNG and four LPG vessels, featuring a combined carrying capacity of over 8.5 million cubic meters or 15% of the world capacity.
Nakilat’s LNG vessels are chartered through long-term time charter agreements with Qatargas and RasGas.