Nakilat, Qatar’s premier LNG shipping company, has seen its first-quarter (Q1) 2024 net profit rise 6.1% to QR420 million ($115.4 million) compared to QR396 million during the corresponding period in 2023.

 

For the period, the company achieved total revenues of QR1.133 billion, reflecting an increase of 1.2%. Total operating expenses were QR192 million, reflecting a decrease of 1.4%.

 

The results can be credited to the company's ongoing emphasis on operational effectiveness, efficient cost management, and strong market demand for its LNG shipping services. This solid financial achievement demonstrates the company’s ability in navigating tough unknown economic conditions and upholding its status as a leading player in the international LNG shipping sector.

 

Reliable and safe

Eng Abdullah Al-Sulaiti, CEO of Nakilat, said: “Despite uncertain economic outlook and high interest environment, we have remained committed to reliable and safe global operations, continuing to deliver clean energy to +40 countries and about 100 terminals across continents. Throughout two decades of operations, we have been meeting the world’s demand for LNG, as a dependable partner. Our latest financial results, reflected by an increase in net profit by 6.1%, is testament to the resilience of the company, its innovative solutions, and its operational efficiency.”

 

As per the company’s latest announcement in February 2024, Nakilat was awarded long-term contracts and selected as the full owner and operator of up to 25 LNG carriers by QatarEnergy, marking a significant milestone in its fleet expansion project aimed at meeting future LNG production demands.

 

Furthermore, earlier in January 2024, Nakilat has also announced a shipping expansion through vessel acquisition. The company placed orders for the construction of six gas vessels: two cutting-edge LNG carriers and four modern very large LPG/ammonia carriers. Upon the delivery of the new vessels, the addition to Nakilat’s ever-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.--TradeArabia News Service