Nakilat Reports $76m Q1 Profit
Nakilat announced financial results for the first quarter ended March 31, 2020 with a net profit of $76 million compared to $64 million during the same period in 2019, with an increase of 18%.
Despite the ongoing challenges of the global pandemic, Nakilat continued to uphold operational management of its LNG and Liquefied Petroleum Gas (LPG) vessels.
Additionally, Nakilat group continued to strengthen its value proposition, with the ship repair, offshore fabrication, towage and other maritime services contributing towards Qatar’s development as a strategic shipping and maritime hub.
The most prominent milestone achieved in the first quarter of 2020 was ensuring the readiness to commence the second phase of its fleet management transition from Shell International Trading and Shipping Company Limited to our internal ship management for seven additional vessels. Another significant milestone was the successful delivery of major fabrication project comprising an additional living quarters for Qatargas’ North Field Bravo offshore complex. The company’s continued excellence in health, safety and environmental management was also acknowledged by the Board, with Nakilat recently being re-certified for ISO/IEC 27001 (Informational Security Management System), demonstrating its compliance to internationally recognized quality standards. Nakilat also achieved a 'Five-Star' grading for the third consecutive year during the Five Star Occupational Health and Safety Audit conducted by British Safety Council (BSC).