Nakilat, the shipping arm of Qatar’s liquefied natural gas (LNG) sector, has reported a net profit of QAR 501 million (USD 137.5 million) for the first half of this year, against QAR 491 million (USD 134.8 million) for the same period a year earlier, representing an increase of 2%.
The increase is mainly attributed to the strong growth of Nakilat’s operating activities in transporting liquefied natural gas and better performance of its liquefied petroleum gas (LPG) vessels.
“Nakilat’s half-year financial results are a clear indicator of the strength and stability of the company’s financial position, which has been achieved through sound growth and developmental strategies over the years. We are also continually assessing current investments in relation to profitability in order to address any risk involved for the company and its shareholders,” Nakilat Managing Director Eng. Abdullah Fadhalah Al Sulaiti said.
In February, Nakilat revealed its plans to pursue aggressive developments and growth strategies in the long term through acquisition of new business opportunities as it signed a Memorandum of Understanding (MoU) with Qatar Development Bank (QDB) to collaborate in areas including marine export, credit insurance and financing.
For the full year of 2015, Nakilat’s underlying net profit increased by 10% to QAR 984 million compared to QAR 895 million seen in 2014, mainly attributed to growing business streams through the addition of three new LNG vessels to the company’s LNG fleet during the year.