Nakilat posts 16% jump in H1 net profit to QR550mn
July 16 2020 12:19 AM

The successful second phase of fleet management and unhindered voyages despite Covid-19 have helped Nakilat report about 16% year-on-year jump in net profit to QR550mn in the first half (H1) of this year.
The strong financial performance is primarily attributed to operational excellence in the management of its entire fleet and realising additional revenues from the strategic acquisition of the remaining 49.9% of four Q-Flex vessels in October 2019.
Revenues were up 11% to QR2.02bn; while general and administrative expenses shrank 12% in the review period.
Despite the ongoing challenges of the pandemic, Nakilat continued to uphold operational excellence in the management of its liquefied natural gas (LNG) and liquefied petroleum gas (LPG) vessels and ensured no disruption to its business.
“This demonstrates the company’s commitment to provide shipping and maritime services in a safe, reliable and efficient manner,” a company spokesman said.
The successful commencement of Nakilat’s second phase fleet management transition is among the main attributes to the positive financial results achieved, with two vessels transitioned in the last quarter.
In addition, the company followed through its fleet expansion plans and took delivery of an LNG carrier new-build, which will be commercially and technically managed in-house and chartered by Qatargas.
The delivery of all four new-build LNG carriers by end-2021 will bring Nakilat’s fleet to 74 vessels, which is about 12% of current global LNG fleet in carrying capacity.
The company’s steady expansion further highlights its robust financial performance and strategic planning, which comes as part of efforts to maximise returns for shareholders.
“The company’s sustained financial performance bears testament to our ongoing strategy on enhancing efficiency, rationalising expenditures, reduction of operational and administrative costs, as well as creating innovative solutions to uphold operational excellence in our services, without compromising safety and quality across our integrated operations,” Nakilat chief executive Abdullah al-Sulaiti said. 
Highlighting that is continually assessing the market and the current investments in relation to profitability to address any risk involved for the company and shareholders; he said “this allows us to navigate anticipated or unexpected challenges, to steer the company forward as a global leader and provider of choice for energy transportation and maritime services.” 

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