Tribune news network
Doha
Nakilat, Qatar’s premier LNG shipping company, announced its financial results for the first quarter ended March 31, 2024.
The company reported net profit of QR420 million for the first quarter ended March 31, 2024, compared to QR396 million during the same period in 2023, an increase of 6.1 percent.
Total revenues reached QR1,133 million, reflecting an increase of 1.2 percent, while total operating expenses touchedQR192 million, reflecting a decrease of 1.4 percent.
The increase in results can be credited to the company’s ongoing emphasis on operational effectiveness, efficient cost management, and strong market demand for its LNG shipping services. This solid financial achievement demonstrates the company’s ability in navigating tough unknown economic conditions and upholding its status as a leading player in the international LNG shipping sector.
Abdullah Al-Sulaiti, CEO of Nakilat said, “Despite uncertain economic outlook and high interest environment, we have remained committed to reliable and safe global operations, continuing to deliver clean energy to +40 countries and about 100 terminals across continents. Throughout two decades of operations, we have been meeting the world’s demand for LNG, as a dependable partner. Our latest financial results, reflected by an increase in net profit by 6.1 percent, is testament to the resilience of the company, its innovative solutions, and its operational efficiency”.
As per the company’s latest announcement in February 2024, Nakilat was awarded long-term contracts and selected as the full owner and operator of up to 25 LNG carriers by QatarEnergy, marking a significant milestone in its fleet expansion project aimed at meeting future LNG production demands.
Furthermore, earlier in January 2024, Nakilat also announced a shipping expansion through vessel acquisition.
The company placed orders for the construction of six gas vessels: two cutting-edge LNG carriers and four modern very large LPG/ammonia carriers. Upon the delivery of the new vessels, the addition to Nakilat’s ever-expanding fleet not only signifies an increase in capacity and flexibility for its esteemed customers, but also reinforces the company’s pioneering role in the energy transportation sector.
In line with commitment to providing the best practices in investor relations and its strategy to engage shareholders and investors, the company will hold an investor relations conference call to discuss the financial results on Monday, April 29, 2024 at 01:30 pm.
