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Nakilat net profit rises 15.5% to QR550 million in H1

Nakilat net profit rises 15.5% to QR550 million in H1

Tribune News Network
Doha
Nakilat on Wednesday announced that its net profit increased 15.5 percent to QR550 million in the first half of 2020 compared to QR476 million during the same period in 2019.
The company’s strong financial performance is primarily attributed to operational excellence in the management of its entire fleet and realising additional revenues from the strategic acquisition of the remaining 49.9 percent of four Q-Flexs vessels in October 2019, Nakilat said in a statement.
The company’s revenue increase by 11.3 percent to QR2.021 billion, while general and administrative expenses decreased by 11.7 percent.
Nakilat’s solid financial performance is driven by long-term strategic plans towards achieving the company’s goals. Despite the ongoing challenges of the global COVID-19 pandemic, Nakilat continued to uphold operational excellence in the management of its LNG and LPG vessels and ensured no disruption to its business. This demonstrates the company’s commitment to provide shipping and maritime services in a safe, reliable and efficient manner.
The successful commencement of Nakilat’s second phase fleet management transition is among the main attributes to the positive financial results achieved, with two vessels transitioned in the last quarter. In addition, the company followed through its fleet expansion plans and took delivery of an LNG carrier newbuild, which will be commercially and technically managed in-house and chartered by Qatargas.
The delivery of all four newbuild LNG carriers by end-2021 will bring Nakilat’s fleet to 74 vessels, which is about 12 percent of current global LNG fleet in carrying capacity. The company’s steady expansion further highlights its robust financial performance and strategic planning, which comes as part of efforts to maximise returns for shareholders.
Nakilat Chief Executive Officer Abdullah Al Sulaiti said, “In these uncertain times, Nakilat remains committed in delivering value for our shareholders, as we expand our international outreach to meet the growing demand for energy transportation. The company’s sustained financial performance bears testament to our ongoing strategy on enhancing efficiency, rationalising expenditures, reduction of operational and administrative costs, as well as creating innovative solutions to uphold operational excellence in our services, without compromising safety and quality across our integrated operations.”
“While we remain focused on achieving our strategic goals, we are also continually assessing the market and our current investments in relation to profitability to address any risk involved for the company and our shareholders. This allows us to navigate anticipated or unexpected challenges, to steer the company forward as a global leader and provider of choice for energy transportation and maritime services,” he said.

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