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Nakilat announces financial results for third quarter of 2017

22 October 2017

Nakilat concluded its financial results for the nine-month period ended 30 September 2017, with a net profit of QR 606 million compared to QR 748 million of the same period last year in 2016.

The lower profit was mainly attributed tothe lower number of charter hire days in the current period compared to the same period last year (2016 was a leap year), the effect of changing the estimated scrap value of vessels in accordance with applicable International Accounting Standards and the reduced operations of a few joint ventures. On the other hand, the company maintained its operating expenses despite the economic difficulties and volatile market conditions and timely repayment of the periodic loan instalments resulted in reducedfinancecosts.

The Board of Directors noted that Nakilat’s core business of delivering clean energy globally remained resilient, bolstered by its strategic long-term charter agreements. The company’s prudent and effective strategic planning is well reflected in its successful completion of the first phase of fleet management transition. This along with the agreement signed with Hoegh LNG, to collaborate on exploring opportunities within the FSRU market, further solidifies Nakilat’s position as a global leader in energy transportation and maritime services.

Nakilat Chief Executive Officer (CEO) Eng. Abdullah Fadhalah Al Sulaiti said, “Nakilat has been navigating the waters with vigilance throughout the challenging period, and continues to embark on operational efficiency efforts to remain buoyant. Our strategic growth is sustained through our dedicated and high-performing workforce who continuously strive towards excellence, without compromising safety in our daily operations. We remain committed to our mission of maximizing shareholder value and providing shipping and maritime services in a safe, reliable and efficient manner.”

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