Nakilat H1 net profit jumps 7% to QR476mn Nakilat has earned a net profit of QR476mn in the first half of this year, up 7% on the same period in 2018.In the first six months of last year, Nakilat had registered a net profit of QR445mn. Nakilat’s strong financial performance was driven by long-term strategic plans towards achieving the company’s goals, “championed by” its board of directors. The acquisition of two additional liquefied natural gas (LNG) carriers and one Floating Storage Regasification Unit (FSRU) in 2018 was among the main attributes to the positive financial results, as well as the increased volume of projects at Nakilat’s Erhama Bin Jaber Al Jalahma Shipyard facility, which recently commemorated its 200th LNG carrier repair.
Nakilat continues to expand its international portfolio through the acquisition of four additional LNG carriers earlier this year. “With the four new vessels that will be managed and marketed by Nakilat, this not only affirms our global leadership in energy transportation but also bears testament to our vessel management and marketing capabilities as the world’s largest LNG fleet. Nakilat’s steady growth highlights our robust financial performance and strategic planning, which comes as part of our efforts to maximise returns for our shareholders,” a company statement yesterday said. In addition, Nakilat has achieved “positive” results across its operations through rationalisation of operational expenses, which in turn resulted in a “strong” first half of the year, leading to a “solid” stock price performance for year to date 2019.
On the company’s excellent results, Nakilat chief executive officer Abdullah al-Sulaiti said, “Nakilat’s commitment to deliver value for our shareholders and maintain our leadership in energy transportation has been the main driving forces behind the solid performance achieved today. While we remain focused on achieving our strategic goals, we are also continually assessing the market and our current investments in relation to profitability to address any risk involved for the company and our shareholders. “This enables us to prudently navigate anticipated or unexpected challenges, in an effort to steer the company forward as a global leader and provider of choice for energy transportation and maritime services.” “The huge demand for cleaner energy supports LNG trade growth, hence increases demand for LNG shipping industry. Nakilat strives to meet the growing energy transportation needs by capitalising on the potential investment opportunity in promising strategic projects,” al-Sulaiti added.
Sources and photo-credits: Gulf Times