Nakilat H1 net profit rises 9% to QR445mn
(7/12/2018 8:06:00 AM)
Qatar-based Nakilat, which owns the world’s largest LNG shipping fleet of some 65 state-of-the-art vessels, posted a first half net profit of QR445mn, up 9% on the QR409mn registered in the same period last year.
During the past year, the Qatari LNG transport company said there have been “many positive developments” across the company, “despite the challenging market conditions” in the maritime sector.
Nakilat said it “continued to pursue its long-term strategic goals” through the expansion of its fleet with two additional LNG carriers earlier this year and more recently, acquired a major stake in its first floating storage regasification unit (FSRU).
“This significant milestone is in line with the company’s plan to diversify and grow its business portfolio, with the aim to widen its international outreach and secure its industry-leading position in the dynamic and competitive LNG market. In addition, it opens a new horizon and business avenue for Nakilat to sustain its long-term growth and development strategies, which in turn will further maximise value and returns for our shareholders,” Nakilat said yesterday.
The financial results for the first half of this year is a reflection of the company’s secured long-term agreements with financially strong charterers, which has enabled Nakilat to maintain a “steady cash flow and generate positive value” for its shareholders.
The company’s “innovative cost optimisation strategy and initiatives”, as well as periodic repayment of loan principals, have resulted in “reduced financing costs and enhanced efficiencies” across its operations.
On the company’s “excellent” results, Nakilat chief executive officer Abdullah al-Sulaiti said: “Nakilat’s commitment to deliver value for our shareholders and maintain our leadership in energy transportation have been the main driving forces behind the solid performance achieved today. The diversification of our fleet through the acquisition of our first FSRU paves a new business avenue for Nakilat to expand our outreach to developing and emerging markets, thereby enabling us to sustain our long-term growth and development strategies.
“While we remain focused on achieving our strategic goals, we are also continually assessing the market and our current investments in relation to profitability to address any risk involved for the company and our shareholders. This enables us to prudently navigate anticipated or unexpected challenges, in an effort to steer the company forward as a global leader and provider of choice for energy transportation and maritime services.” Nakilat also owns and manages an FSRU vessel and some large LPG carriers. It operates the ship repair and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan Industrial City through strategic joint ventures.
Nakilat also offers a full range of marine support services to vessels operating in Qatari waters.