Qatar-based shipping company Nakilat delivered a 5.3% increase in profit during the year ended December 31, 2018.
The company’s profit reached QAR 892 million during the period, compared to QAR 847 million reported in 2017. Excluding the 2017 one-off item, the 2018 net profit increased by 14%, the company said.
The key drivers of Nakilat’s stronger financial performance were the implementation of its long-term plans to diversify and seek new business opportunities with measured balanced risk. In addition, the company achieved positive results across its operations that exceeded planned expectations in 2018 through enhanced operational efficiency and cost effectiveness, Nakilat explained.
During the year, Nakilat expanded its fleet with the addition of two liquefied natural gas (LNG) carriers and acquired a major stake in its first floating storage regasification unit (FSRU).
“Complemented by strategic long-term agreements with well-established charterers and its own determination to operate sustainably, Nakilat has managed to maintain steady cashflow and generate positive value for its shareholders,” the company concluded.