Qatari shipping and maritime company Qatar Gas Transport Company (Nakilat) reported a 10.5% year-on-year increase in net profit to QR728mn (USD 200 million) in the first nine months of this year.
Nakilat, which has the largest LNG shipping fleet in the world, comprising 69 vessels, said in a press note that its positive financial performance can be primarily attributed to better operational performance in managing its liquefied natural gas (LNG) and liquefied petroleum gas (LPG) vessels.
The company also realized higher revenues on additional income from the acquisition of two additional LNG carriers and one Floating Storage Regasification Unit (FSRU) in 2018, as well as higher LPG shipping rates worldwide.
Furthermore, Nakilat has successfully managed to reduce operational expenses through continuous rationalization activities, process enhancements, and cost optimization initiatives to remain efficient, leading to a significant increase in the share price of the company during this period.
Nakilat Chief Executive Officer (CEO) Eng. Abdullah Fadhalah Al Sulaiti said, “Nakilat’s strong financial performance bears testament to the company’s ongoing emphasis and continuous improvements to remain competitive within the global energy transportation market, sustaining healthy cashflow and generating steady returns for our shareholders."
He added: "With the support of Qatar Petroleum and its affiliates, the encouraging volume of projects at the Erhama Bin Jaber Al Jalahma Shipyard and more recently, the successful delivery of the Bul Hanine fabrication project for Qatar Petroleum for which we successfully achieved 1 million safe man hours, we are highly driven to enhance synergy across the entire organization in order to improve efficiency and increase productivity without compromising safety and quality across all our integrated shipping and maritime operations.”
Al Sulaiti added that Nakilat has been pursuing efforts to strengthen its industry-leading position by investing in human capital to strengthen in-house capability to further elevate the company to greater heights, with the support of our key charterer Qatargas, the leading exporter of clean energy. In the coming years, Nakilat expects to take on greater ship management responsibilities following the second phase of LNG fleet management transition from Shell and management transition a Floating Storage & Regasification Unit (FSRU), as well as the addition of 4 newbuild LNG carriers to its fleet.
“Nakilat’s superior operational excellence in energy transportation and maritime services not only support Qatar’s vision in developing the LNG market, but also contribute towards developing the country’s shipping and maritime industry. With greater demand for clean energy globally, Nakilat is ambitious in expanding our international outreach and diversifying our portfolio to meet the growing energy transportation needs.Together, We will remain focused in achieving our strategic goals while prudently navigating challenges, propelling Nakilat forward as a global leader and provider of choice for energy transportation and maritime services,” Al Sulaiti concluded.