Qatar-based LNG shipping company Nakilat reported a rise in its net profit for the first half of 2019 on the back of its fleet expansion.
The company’s profit reached QAR 476 million (USD 130.7 million) in the period, up from QAR 445 million (USD 122.2 million) seen during the first half of 2018, representing an increase of 7%.
The strong financial performance comes on the back of the acquisition of two additional liquefied natural gas (LNG) carriers and one floating storage regasification unit (FSRU) in 2018.
Nakilat said that these fleet additions were among the main attributes to the positive financial results, accompanied by an increased volume of projects at Nakilat’s Erhama Bin Jaber Al Jalahma Shipyard facility which recently commemorated its 200th LNG carrier repair.
The company continued to expand its international portfolio through the acquisition of four LNG carriers earlier this year, that will be managed and marketed by Nakilat.
In addition, Nakilat said it achieved positive results across its operations through rationalization 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.
“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 capitalizing on the potential investment opportunity in promising strategic projects,” Nakilat Chief Executive Officer Eng. Abdullah Al Sulaiti said.