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Nakilat reports third quarter profit increase

Nakilat announced its financial results for the third quarter ended September 30, 2021, reporting a net profit of QR 1,003.6 million. This is a 11.5% year on year increase compared to the net profit of QR 900 million reported during the same period in 2020.

Key financial highlights from the third quarter of 2021 include:

  • Revenue of QAR 3,071 million, increase by 0.2%
  • General and administrative expenses decreased by 4.8%
  • Operating expenses decreased by 0.9%

The shipping and maritime company’s solid earnings results are primarily attributed to the implementation of the company’s strategic initiatives across all levels, driven by the company’s growth strategy and cost optimization. The close alignment with Qatar National Vision 2030, which aims to create a sustainable future for the country, is championed by the Board of Directors.

Nakilat has been diversifying its portfolio and expanding international outreach in response to the greater global demand for clean energy. The company is continuously expanding its shipping management capabilities with the latest addition of technologically advanced LNG carrier newbuilds, a key factor in its success and testament to an unwavering commitment to excellence. In 2021, Nakilat’s fleet has stands at 74 vessels, just under 12% of the current global LNG fleet, bearing testament to the company’s strong shipping management capabilities.

Eng. Abdullah Al Sulaiti, Chief Executive Officer at Nakilat said: “Our team continues to demonstrate exceptional agility and resilience, as reflected in our operational and financial performance for the year. Our robust financial performance over the last 9 months is testament to the concerted effort of every employee and seafarer on our team. It is only through their continued support that we have remained persistent in executing our strategies, sustaining operational efficiencies, and ensured fiscal discipline across all our shipping and maritime operations. We are continually assessing new opportunities and emerging risks. Our agile ways of working allow us to tactfully navigate the market as we steer forward as the provider of choice for energy transportation and maritime services. It is this approach that has not only allowed us to persevere as a company, but also create growth for our shareholders.”

Nakilat’s Board of Directors expressed their appreciation to Qatar Energy (QE) for its ongoing support, and the company’s strategic partner Qatargas, for playing a significant role in the robust performance.

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