Nakilat H1 Profit Up 10 pct

 

The healthy financial results reflect “Nakilat’s strategic development, the success of its joint ventures, and the company’s resilience in the challenging economic climate”, the company announced.

 

The Board of Directors, whose chairman is the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada, stated that Nakilat was in an “excellent position to face the current economic situation”, as the company’s ships are on long-term charter hire contracts that are not impacted by temporary fluctuations in oil prices. 

 

The launch of new vessel in the second quarter plus five more ships fully operating helped increase profits from joint ventures, Nakilat Managing Director Abdullah Al Sulaiti said.

 

Nakilat posted a 12.3 percent increase in second-quarter net profit. The company made a net profit of 267.8 million riyals ($73.6 million) in the three months ending June 30, Reuters calculations showed, using financial statements in lieu of a quarterly earnings breakdown.

 

Nakilat is a Qatari marine transport company providing essential transportation link in Qatar’s LNG supply chain.  Its LNG shipping fleet is the largest in the world, comprising some 61 LNG vessels. 

 

Nakilat also manages and operates four large LPG carriers and four LNG carriers. Through two strategic joint ventures, N-KOM and NDSQ, Nakilat operates the ship repair and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard at Ras Laffan. 

 

Meanwhile, Nakilat’s joint venture, Nakilat-Keppel Offshore & Marine (N-KOM), has achieved its first safety milestone on its liftboat new building project, with the successful completion of one million safe man-hours without any lost-time-incidents (LTIs).