Nakilat Posts Record Net Profit of $270M
Doha-listed LNG and LPG carrier owner Qatar Gas Transport Company Ltd (Nakilat) reported a consolidated net profit of QR1,003m (USD $270 million) in 2019, an increase of 12.4 percent, as compared to QR892m posted for the same period in 2018.
The 2019 net profit is Nakilat’s highest profit recorded since its inception, said the Qatari shipping and maritime company.
Nakilat's robust financial performance is primarily attributed to operational excellence in the management of its Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG) vessels, as well as realizing additional revenues from the two additional LNG carriers, one Floating Storage Regasification Unit (FSRU) acquired in 2018 and the strategic acquisition of the remaining 49.9% of four Q-Flexs on October 2019.
Nakilat’s emphasis on cost optimization efforts and increasing efficiencies through various rationalization activities as well as process enhancements, ensure that the company remains competitive within the global energy transportation market while sustaining healthy cashflow and generating steady returns for our shareholders.
Dr. Mohammed Bin Saleh Al Sada, Chairman of Nakilat’s Board of Directors said: “This past year unfolded many noteworthy accomplishments; hence the Board would like to begin by commending Nakilat for its persistence in pushing the boundaries towards the achievement of its vision."
Dr. Mohammed said: "Nakilat has come a long way in its brief 15-year operating history to become a formidable global shipping and maritime company. Bolstered by more favorable market conditions and our own implementation of business diversification and resource optimization strategies, we have stayed true to our mission to create value for our shareholders while elevating the business to new heights.”