Qatar-based LNG shipping company Nakilat recorded a net income of QAR 847.2 million (USD 232.6 million) in 2017, down from QAR 955.4 million (USD 262.3 million) posted a year earlier.
Despite the challenges facing the energy and maritime industry, the company said it managed to achieve positive results across its operations.
As explained, the results exceeded planned expectations in 2017 through enhanced operational efficiency and a reduction in general, administrative expenses and finance costs.
The net profit achieved in the fourth quarter of 2017 was higher than that achieved in the third quarter and fourth quarter of 2016, by 21% and 16% respectively.
Complemented by strategic long-term agreements with charterers, Nakilat has managed to maintain steady cash flow. Given the volatile market conditions, the company embarked on cost optimization initiatives, capitalizing on profitable business growth, and achieving cost savings.
Furthermore, Nakilat said it “continues to explore and capitalize on different business opportunities and mitigating business risks to strengthen the company’s international position.”
Nakilat’s fleet currently comprises 67 wholly- and jointly-owned LNG carriers and four LPG vessels.