Qatar Gas Transportation Company (Nakilat) and its Group subsidiaries have delivered solid results for the first half of the year with a net profit of QAR829 million ($221 million)  up 7% when compared to QAR775 million ($206 million) last year.

 

Announcing its results for the six-month period ended June 30, 2024, Nakilat said this robust financial performance highlights Nakilat's resilience and its strategic capabilities in dealing with the dynamic economic landscape. Its incurred total expenses fell 4% to QAR1.46 billion.

 

In 2024, Nakilat achieved significant milestones in its fleet expansion project. The company signed contracts to build six advanced gas carriers, including two LNG carriers and four modern LPG/Ammonia carriers. 

 

It also entered into long-term contracts with QatarEnergy to charter and operate nine QC-Max LNG carriers, each with a capacity of 271,000 cu m in addition to 25 conventional LNG carriers, each with a capacity of 174,000 cubic meters. 

 

These new vessels will be constructed and delivered according to the scheduled timeline over the coming years. 

This initiative reflects Nakilat’s commitment to modernization and innovation in maritime transport services, aiming to meet the growing demand in the global energy shipping sector. 

 

Upon completion of these vessels, Nakilat said its fleet will reach a total of 114 ships, reinforcing its global leadership in the clean energy transport sector.

 

Impressed with the results, the board of directors has proposed the distribution of interim cash dividends for the period ending on 30 June, 2024, at a rate of (7%) of the capital, equivalent to 0.07 Qatari Riyal per share, and to approve the amendment of the company's Articles of Association.

 

The final decision on the cash dividends will be taken at the Extraordinary General Assembly meeting scheduled for August 28.

 

The interim dividends will be granted to shareholders who own shares at the end of the trading session on the day of the Extraordinary General Assembly meeting that approves this distribution.

 

On the solid results, CEO Engineer Abdullah Al Sulaiti said: "We remain committed to building a future with sustainable approaches and providing secure and reliable energy transportation solutions as demand for the LNG transportation market is expected to increase worldwide.

 

"2024 is a milestone year for Nakilat’s expansion projects, and our latest financial results, with an increase in net profit by 7%, is a testament to the company’s two decades of global operational excellence in maritime services," he stated.

 

"The company has once again been recognized among the Top 100 Listed Companies in the Middle East for 2024. This honor not only acknowledges its exceptional performance but also reinforces its position in the elite league of companies shaping the economic landscape of the region," observed Al Sulaiti. 

 

"The company’s commitment to safety and sustainability is underscored by the accolade it received from the British Safety Council, which awarded a five-star rating in the Occupational Health and Safety Audit for the seventh consecutive time, and in the Environmental Sustainability Audit for the second consecutive time," he added.-TradeArabia News Service