Nakilat posts QR409m net profit

25/07/2017 07:27 AST

Nakilat recorded a net profit of QR409m for the first half of 2017 (H1, 17), compared to QR501m posted for the same period last year. The lower profit was mainly attributed to the lower number of charter hire days during H1, 17, 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’s timely repayment of the periodic loan installments resulted in reduced finance costs.

Nakilat’s steady performance reflects the company’s prudence and effective strategic business plans in relation to the company’s rapid growth and development in being amongst the global leaders of energy transportation. Nakilat’s core business of delivering clean energy worldwide remains resilient, as the company strategically secures long-term agreements with financially strong charterers. Nakilat continues with its cost rationalisation efforts to remain competitive while pursuing initiatives to further drive operational efficiencies across its operations. Nakilat Managing Director Abdullah Fadhalah Al Sulaiti (pictured) said, “Nakilat perseveres despite the current economic environment through its steady growth in all its operations. The first half of 2017 has seen successful transitions of four vessels into Nakilat in-house management, bringing total vessels operated by Nakilat to 16 vessels to date. This further showcases our readiness to grow while strengthening in-house capability.”

Just recently, Nakilat signed a Memorandum of Understanding (MoU) with Hoegh LNG, forming a strategic alliance to explore Floating Storage and Regasification Unit (FSRU) project. This collaboration is a strategic move for Nakilat as we are always looking at opportunities to venture into leading-edge technologies and diversifying solutions to deliver clean energy worldwide, which further strengthens Qatar’s position in the energy portfolio, he said.

On the challenges ahead, Nakilat Managing Director said he remains positive and determined. “We continue to assess our current investments in relation to profitability in order to address any risk involved for the company and its shareholders. Although Nakilat anticipates continued challenges, we remain focus on effective and efficient measures of control to steer the company forward. This comes in view of Nakilat’s vision to be the global leader and provider of choice for energy transportation and maritime services, which ultimately contributes to the development of an integrated maritime industry in Qatar.”

Nakilat is a Qatari LNG transport company providing an essential transportation link in the State of Qatar’s LNG supply chain. Its LNG shipping fleet is the largest in the world, comprising of 63 LNG vessels. Nakilat also owns and manages four large LPG carriers. Nakilat operates the ship repair and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan Industrial City via two strategic joint ventures: N-KOM and NDSQ. Nakilat also offers a full range of marine support services to vessels operating in Qatari waters.

The Peninsula