Nakilat Reports 9% Profit Jump in Q1
Qatar Gas Transport Company (Nakilat), a shipping and maritime company with the world's largest LNG shipping fleet, reported a 9 percent increase in profit for the first quarter of this year ended March 31, 2019.
Nakilat reported a net profit of 236 million Qatari Riyals ($64.8 million) which compares to 217 million Qatari Riyals reported in the corresponding quarter in 2018.
"This increase was mainly due to the acquisitions of two Liquefied Natural Gas (LNG) carriers and one Floating Storage Regasification Unit (FSRU) in 2018, and higher volume of projects at Nakilat’s ship repair facility. The achievement of positive results across its operations is also attributed to the rationalization of operational expenses and enhanced operational efficiency," said a press release from the company.
Nakilat successfully deployed the company’s strategic plans towards maintaining its global leadership in LNG transportation and the integral role it plays in Qatar’s LNG supply chain.
The company has managed to grow its international portfolio through the recent expansion with Maran Gas Ventures Inc. to include four additional LNG carriers, demonstrating the enhanced operational efficiency and financial strength of the company.
With 4 LNG vessels under the new JV, the number of Nakilat’s vessels has increased to 74, accounting for approximately 11.5% of the global LNG fleet in carrying capacity.
Nakilat’s Board of Directors said the company’s solid financial results and operational performance, which bears testament to its resilience and prudent strategic efforts towards maintaining its leadership in the global energy transportation market, as well as supporting Qatar’s ambition to be the top exporter of LNG.