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Nakilat posts increased profits in 1H2021

Nakilat announced its financial results for the first half of the year ended 30 June 2021, with the company achieving a net profit of QR 636 million compared to QR 550 million during the same period in 2020, an increase of 15.6%.

Despite the ongoing challenges of the global pandemic, Nakilat continued to uphold operational excellence in the management of its Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG) vessels. As part of its fleet expansion and consolidation, Nakilat successfully and safely completed the second phase fleet management transition involving 7 LNG carriers, delivery of 2 out of 4 MEGI LNG newbuilds, as well as the first FSRU transition to NSQL-management. These were accomplished in less than a year and under difficult circumstances facing the shipping industry, with many restrictions in place.

Nakilat’s successful fleet expansion bears strong testament the company’s continued commitment towards maintaining its leadership in energy transportation, while remaining fully compliant with all health and safety guidelines. Additionally, the Nakilat group continued to strengthen its value proposition, with its ship repair, offshore fabrication, towage and other maritime services remaining full operational and contributing towards the company’s vision to be a global leader and provider of choice for energy transportation and maritime services, as well as Qatar’s 2030 vision.

Here are the key financial highlights from the first half of 2021:

  • Net profit of QAR 636 million, increase by 15.6%
  • General and administrative expenses decreased by 18.6%
  • Operating expenses decreased by 2.4%

Nakilat’s solid financial performance is driven by long-term strategic plans towards achieving the company’s goals, championed by the Board of Directors.

The company’s excellence in the areas of safety, sustainability and business resilience have also been recognized in the last few months. For the fourth consecutive year, Nakilat achieved a ‘Five-Star’ grading following the Five Star Occupational Health and Safety Audit conducted by the British Safety Council (BSC). Nakilat, NAC and NSQL have been re-certified for ISO 22301:2019 (Business Continuity Management Systems) awarded by Lloyd’s Register, following a stringent and comprehensive audit process. Adherence to such internationally recognized standards sends a valuable boost of confidence to its shareholders, partners and clients, especially in these challenging times as the world shifts to a virtual working environment.

The development of its human capital continues to be of strategic importance in the company’s business and successes. Nakilat’s efforts at developing a high-calibre and sustainable workforce was recently recognized, with the company receiving the 2020 Qatarization award for the Energy sector.

Nakilat’s Board of Directors expressed their appreciation to Qatar Petroleum (QP) and all relevant authorities for their ongoing support of Nakilat’s activities, to QP Industrial Cities for its operational management co-operation with the Erhama Bin Jaber Al Jalahma Shipyard, and to the company’s main charterer and strategic partner, Qatargas, for playing a significant role in supporting Nakilat’s business.

Nakilat Chief Executive Officer Eng. Abdullah Al Sulaiti said: “Nakilat continues to demonstrate great resilience, as reflected in our operational and financial performance for the year. Our outstanding financial performance in the first half of 2021 is a testament to our concerted efforts. Despite the sudden adjustment to enhanced health and safety protocols, Nakilat remained steadfast in executing our strategies, sustaining operational efficiencies while ensuring fiscal discipline across all our shipping and maritime operations. The company persevered and has managed to sustain its growth momentum while continuing to create value for our shareholders, thanks to the valuable efforts and contributions of our employees and seafarers”.

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