Nakilat records improved profits for third quarter of 2019
20 October 2019
Nakilat announced its financial results for the nine-month period ended 30 September 2019, with improved net profits of QR 728 million compared to QR 659 million during the same period last year in 2018, an increase of 10.5%.
The Board of Directors commended Nakilat for sustaining its robust financial performance and operational excellence throughout the financial period. The company has been demonstrating great success in implementing strategic plans to maintain its global leadership in energy transportation and maritime services. Nakilat’s positive financial performance can be primarily attributed to better operational performance in managing its Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG) vessels. The company also realized higher revenues on additional income from the acquisition of two additional LNG carriers and one Floating Storage Regasification Unit (FSRU) in 2018, as well as higher LPG shipping rates worldwide. Furthermore, Nakilat has successfully managed to reduce operational expenses through continuous rationalization activities, process enhancements, and cost optimization initiatives to remain efficient, leading to a significant increase in the share price of the company during this period.
Nakilat Chief Executive Officer (CEO) Eng. Abdullah Fadhalah Al Sulaiti said, “Nakilat’s strong financial performance bears testament to the company’s ongoing emphasis and continuous improvements to remain competitive within the global energy transportation market, sustaining healthy cashflow and generating steady returns for our shareholders. With the support of Qatar Petroleum and its affiliates, the encouraging volume of projects at the Erhama Bin Jaber Al Jalahma Shipyard and more recently, the successful delivery of the Bul Hanine fabrication project for Qatar Petroleum for which we successfully achieved 1 million safe man hours, we are highly driven to enhance synergy across the entire organization in order to improve efficiency and increase productivity without compromising safety and quality across all our integrated shipping and maritime operations.”
Al Sulaiti added that Nakilat has been pursuing efforts to strengthen its industry-leading position by investing in human capital to strengthen in-house capability to further elevate the company to greater heights, with the support of our key charterer Qatargas, the leading exporter of clean energy. In the coming years, Nakilat expects to take on greater ship management responsibilities following the second phase of LNG fleet management transition from Shell and management transition a Floating Storage & Regasification Unit (FSRU), as well as the addition of 4 newbuild LNG carriers to its fleet.
“Nakilat’s superior operational excellence in energy transportation and maritime services not only support Qatar’s vision in developing the LNG market, but also contribute towards developing the country’s shipping and maritime industry. With greater demand for clean energy globally, Nakilat is ambitious in expanding our international outreach and diversifying our portfolio to meet the growing energy transportation needs.Together, We will remain focused in achieving our strategic goals while prudently navigating challenges, propelling Nakilat forward as a global leader and provider of choice for energy transportation and maritime services,” Al Sulaiti concluded.
The company will conduct its quarterly investor conference call on Monday, October 21 at 1:30pm Doha time, to further discuss its results. Further information can be found on our website https://www.nakilat.com.