Nakilat has earned a net profit of QR191.35mn on QR877.54mn total income, translating into earnings-per-share of QR0.34 at the end of first quarter ended March 31, 2017.
The company had reported a higher net profit of QR240.28mn on total revenue of QR905.53mn in the review period of the previous year.
“The lower profit (in 2017 first quarter) is attributed to the effect of reducing estimated scrap value of vessels in  accordance  with  applicable international accounting standards, in addition to the reduced operations of a few joint ventures, due to the current economic conditions in the global market,” a Nakilat spokesman said.
Nakilat maintained a “stable” operational performance owing to the prudence and effectiveness of the company’s strategies, he said, adding this comes in view of its steady cash flow through its strategic long-term charter agreements with financially strong charterers, thus ensuring that its core business of gas transportation remains “buoyant”.
These efforts complement Nakilat’s vision to be the global leader and provider of choice for energy transportation and maritime services, the spokesman added.
“Despite the current economic downturn and market volatility, Nakilat has been continuously improving its operational  activities which is demonstrated by the successful transition of two vessels in the first quarter of year 2017, bringing total  vessels operated by Nakilat to 14 vessels to-date,” its managing director Abdullah Fadhalah al-Sulaiti said.
Of the total revenue of QR877.54mn in January-March this year, a bulk (86%) or QR752.6mn came from revenue from wholly-owned vessels; share of results from joint ventures were to the tune of QR83.83mn; income from marine and agency services QR13.32mn and interest, dividend and profit from Islamic banks were QR16.61mn.
“Nakilat’s robust strategies and constant focus in achieving high operational efficiency as well as exploiting future investment opportunities contributes to the company’s continued global leadership in liquefied natural gas transportation,” al-Sulaiti said.
Total assets were valued at QR30.23bn, comprising current assets of QR3.09bn and non-current assets of QR27.14bn at the end of March 31, 2017.