Nakilat posts 9-month profit of QR607mn

23/10/2017 14:48 AST

Nakilat (Qatar Gas Transport Company) has reported a net profit of QR607mn in the first nine months of this year.

The board of directors noted that Nakilat’s strategic long-term charters for its liquefied natural gas vessels (LNG) have ensured a “stable” business profile.

The company had reported a higher net profit of QR749mn during January-September 2016, a company spokesman said after the board meeting.

“The lower profit (for this year’s nine months) was mainly attributed to the effect of changing the estimated scrap value of vessels in accordance with applicable international accounting standards and the lower number of charter hire days in the current period compared to the same period last year (2016 was a leap year),” the spokesman said.

On the other hand, the company effectively maintained its operating expenses and reduced its finance costs due to timely repayment of the periodic loan instalments, he added.

“We are constantly exploring and capitalising on various strategic business opportunities to diversify our business portfolio and align with our vision to be a provider of choice for energy transportation and maritime services,” Nakilat chief executive Abdullah Fahdalah al-Sulaiti said.

He said the company’s strategic growth is sustained through its dedicated workforce who continuously strives towards excellence, without compromising safety in daily operations. “We remain committed to our mission of seeking more opportunities for further growth and for the benefit of our shareholders,” he added.

The board also reaffirmed their steadfast commitment to Nakilat’s growth and development strategy, in line with the Qatar National vision 2030. The company’s prudent and effective strategic planning is well reflected in its successful completion of the first phase of fleet management transition, the spokesman said.

“This along with the agreement signed with Hoegh LNG to collaborate on exploring opportunities within the FSRU (floating storage regasification unit) market, further solidifies Nakilat’s position as a global leader in energy transportation and maritime services,” he said.

Gulf Times