Nakilat has reported a 9% year-on-year increase in net profit to QR659mn during January-September this year.
The company’s stronger performance is a result of its successful expansion, which is attributed to the strategic long-term plan to diversify and seek business opportunities with minimal risk, as well as effective cost optimisation across its integrated operations, its spokesman said.
This has been achieved through the acquisition of two additional jointly-owned liquefied natural gas (LNG) carriers and a major stake in the first floating storage regasification unit.
The expansion of Nakilat’s fleet opens a new horizon and business avenue for the company to sustain its long-term growth and development strategies, which in turn will further maximise value and returns for its shareholders.
Nakilat joint venture companies have also performed well, supported by the encouraging demand for ship repair and retrofits and offshore fabrication at the world-class Erhama bin Jaber Al Jalahma shipyard in the last quarter.
“Nakilat’s improved financial performance bears testament to the company’s ongoing emphasis on enhancing efficiency, increasing productivity and pursuing growth strategies, without compromising safety and quality across all our integrated operations,” said its chief executive Abdullah Fadhalah al-Sulaiti.
He said the company is always on the lookout for opportunities to diversify its business and expand its portfolio, with the aim to widen international outreach and secure industry-leading position in the dynamic and competitive LNG market, which will strengthen Qatar’s leading position in the global LNG transportation market.
“Nakilat will continue to play our significant role in steering our efforts toward enhancing capability and resiliency to strengthen the country’s shipping and maritime industry,” he said.