Nakilat group has continued its strong financial performance with a consolidated net profit of QR1.56bn during 2023, an increase of 8.3% on an annualised basis.
This stable increase in profits reflects the company’s efficiency in managing its operations and its ability to capitalise on opportunities that have arisen despite challenges faced in the energy transportation market.
The group achieved revenues of QR4.65bn, reflecting an increase of 5.7% year-on-year in the review period.
The year (2023) “has brought about significant changes and challenges to the global shipping market, shaped by global events and geopolitical shifts. Despite these challenges, Nakilat has not only navigated through these complexities but has also emerged stronger, showcasing resilience, innovation, and a commitment to excellence," said Abdulaziz Jassim al-Muftah, Nakilat chairman.
The board has recommended the distribution of cash dividends, amounting to QR0.14 per share to be approved by shareholders at the annual general assembly meeting, scheduled on February 26.
Asserting that as geopolitical dynamics continue to impact global energy markets, Nakilat remains steadfast in adapting to these changes; he said, "We recognise the importance of staying agile in the face of uncertainties and are committed to overcoming challenges by leveraging our expertise and strategic partnerships with a forward-looking approach.”
Nakilat's financial performance in 2023 reflects its commitment to operational excellence and strategic expansion, as last year the company has not only navigated the challenges faced by the sector, but also achieved sustainable growth, reinforcing its position as a key partner in the field of energy transportation and maritime services.
"We remain committed to upholding the highest standards ensuring the safety of our global operations, while reinforcing our position as a provider of choice for energy transportation and maritime services, as well as an employer of choice,” according to Abdullah Fadhalah al-Sulaiti, chief executive officer of Nakilat.
Nakilat recently disclosed its strategic expansion through vessels acquisition by placing orders with Hyundai Samho Heavy Industries (HSHI) of South Korea for the construction of six gas vessels: two cutting-edge LNG (liquefied natural gas) carriers with a cargo capacity of 174,000 cubic metres each, and four LPG/ammonia carriers, with a capacity of up to 88,000 cubic metres. These modern vessels are set to be delivered between 2026 and 2027.
Upon delivery, the addition to Nakilat’s expanding fleet not only signifies an increase in capacity and flexibility for its esteemed customers, but also reinforces the company’s pioneering role in the energy transportation sector. Once these vessels are operational, they will further cement Nakilat’s position as a global leader in the gas shipping industry.
