Qatar-based LNG shipping company Nakilat announced a 6.1% increase in net profit of QR420m ($115.36m), up from QR396m in its financial results for Q1 2024 on Sunday.
The company’s total revenues reached QR1.13bn, up 1.2%, while total operating expenses decreased to QR192m, down 1.4%. The company attributed the increase in results to its “ongoing emphasis on operational effectiveness, efficient cost management and strong market demand for its LNG shipping services”.
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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.”
In February 2024, QatarEnergy granted Nakilat a long-term contract to own and operate up to 25 LNG carriers. The shipping company said this marks a major achievement in Nakilat’s fleet expansion project, which aims to meet future demands for LNG production.
Nakilat is set to become the sole owner of several LNG carriers, each with a capacity of 174,000m³. As part of QatarEnergy’s ongoing LNG fleet expansion project, these carriers will be leased to QatarEnergy affiliates and constructed in Korean shipyards.
The company said the primary objective of this project is to meet the growing demands for LNG transportation, which is essential for QatarEnergy’s LNG expansion and fleet renewal initiatives.
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By GlobalDataIn January 2024, Nakilat announced plans to expand its shipping operations by acquiring new vessels, placing orders to construct six gas vessels, including two advanced LNG carriers and four modern, very large liquefied petroleum gas/ammonia carriers.
According to the company, the delivery of these new vessels will not only increase Nakilat’s capacity and flexibility for its customers but also reinforce the company’s role in the energy transportation sector.
