Saturday, March 25, 2023
HomeFinance & EconomyNakilat reports third quarter profit increase


To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

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.

Related Posts


Finance & Economy
Shipping News

Eva Birgitte Bisgaard steps down as chief commercial officer at Maersk Tankers

Eva Birgitte Bisgaard is stepping down from her role as chief commercial officer at Maersk Tankers. Christian M. Ingerslev, chief executive officer of Maersk Tankers,...

Frontline’s Fredriksen appointed to Euronav supervisory board

Belgium’s Euronav said its shareholders had overwhelmingly voted to elect John Fredriksen of peer Frontline, a major investor that pulled out of a merger...

UBS Likely to Shrink Credit Suisse’s $10 Billion Shipping Portfolio – Report

UBS Group AG will likely shrink Credit Suisse Group’s $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday,...

Braemar: Record revenue & profitability

Braemar Plc., a provider of expert investment, chartering, and risk management advice to the shipping and energy markets, announced an update on trading...

Oldendorff Carriers announces change of leadership

Effective today, the board of OLDENDORFF CARRIERS has appointed Patrick Hutchins as the new President and CEO of the company. Patrick succeeds Peter Twiss, who...

Global Goods Trade Softening from 2022’s Record Level

International commerce soared to a record of $32 trillion in 2022, but goods trade...

New Hybrid Ferry ‘P&O Pioneer’ Docks At DP World Limassol For Bunkering

P&O Ferries’ newly commissioned Fusion Class vessel ‘P&O Pioneer’ has docked at DP World...

Baltic index gains as capesize rates rebound

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Minerva puts cost of fuel theft as high as $5.2 bil/year

The bunkering industry is losing as much $5.2 billion of fuel annually to quantity...

Baltic index logs worst day in five weeks on tepid demand for larger vessels

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Drewry: Port Throughput Index Down 4.5% Year-on-Year

The Drewry Container Port Throughput Indices are a series of calendar adjusted volume growth/decline indices based on monthly throughput data for a sample of...

Port of Los Angeles moves 487,846 container units in February

The Port of Los Angeles processed 487,846 Twenty-Foot Equivalent Units (TEUs) in February, a 43% decrease from the previous February’s all-time record. “February declines were...

Piraeus Port Authority: Strong growth in 2022

PPA S.A. announced Full Year 2022 financial results, marking a consecutive year of growth with a turnover of €194.6 million compared to €154.2 million...

WLP welcomes 14 strategic Vietnamese partners to its growing network of international traders

World Logistics Passport (WLP), a Dubai-led global initiative designed to smooth the flow of world trade, has welcomed 14 Vietnamese partners to its global...

Port of Hedland February Iron Ore Exports 2% Down

Pilbara Ports Authority has delivered a total monthly throughput of 54.8 million tonnes (Mt) for February 2023. This throughput was a five per cent increase...