Qatar Gas Transport Company, known as Nakilat and with a liquefied natural gas LNG fleet of 69 vessels, has posted a 3.6 percent increase in first-quarter 2023 net profits.
Nakilat reported 396 million Qatari riyals ($108M) of net profit for the period to the end of March 2023, an increase on the 382M riyals achieved in the same three months of 2022.
As a shipping and maritime company, Nakilat provides an essential transportation link in the State of Qatar’s LNG supply chain.
Its LNG fleet is one of the largest in the world and the company also owns and manages one floating storage and regasification unit and four large liquefied petroleum gas (LPG) carriers as well as the ship repair and industrial and offshore fabrication facilities at Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan Industrial City.
The company also has strategic joint ventures with Nakilat-Keppel Offshore & Marine (N-KOM) and Qatar Fabrication Company (QFAB) and offers a full range of marine support services to vessels operating in Qatari waters.
Nakilat said that profits from the joint venture companies operating in LNG transportation and the shipyard increased by 7.9 percent.
“The increase in net profit can be attributed to the company’s continued focus on operational efficiency, effective cost management and robust market demand for its LNG shipping services,” Nakilat explained.
Nakilat's Chief Executive Abdullah Al-Sulaiti said that the strong financial performance in the first quarter was a reflection of the company’s continued efforts to optimize operations and capitalize on market opportunities.
“Despite the ongoing challenges facing the global economy and market volatility owing to high interest and inflation rates, we have remained resilient and achieved stable financial results,” added Al-Sulaiti.
