Qatar-based LNG shipping company Nakilat wrapped up the first nine months of 2018 with a profit increase of 8.5%.
The company concluded its financial results for the nine-month period ended September 30 with a net profit of QAR 659 million (around USD 181 million) compared to QAR 607 million (USD 167 million) seen in the same period last year.
As explained, Nakilat’s stronger performance is a result of the company’s successful expansion, which is attributed to its strategic long-term plan to diversify and seek business opportunities with minimal risk, as well as through effective cost optimization initiatives across its integrated operations.
This has been achieved through the acquisition of two additional jointly-owned liquefied natural gas (LNG) carriers and a major stake in the first floating storage regasification unit (FSRU).
Nakilat joint venture companies have also performed well, supported by the encouraging demand for ship repair and retrofits and offshore fabrication at the Erhama bin Jaber Al Jalahma shipyard in the last quarter, according to the company.
“Nakilat’s improved financial performance bears testament to the company’s ongoing emphasis on enhancing efficiency, increasing productivity and pursuing growth strategies, without compromising safety and quality across all our integrated operations,” Abdullah Fadhalah Al Sulaiti, Nakilat Chief Executive Officer (CEO), commented.
Al-Sulaiti added that the company is always on the lookout for opportunities to diversify its business and expand its portfolio, with the aim to widen international outreach and secure its position in the dynamic and competitive LNG market.
“Nakilat will continue to play our significant role in steering our efforts toward enhancing capability and resiliency to strengthen the country’s shipping and maritime industry,” Al-Sulaiti concluded.