Nakilat has reported a 9% year-on-year increase in net profit to QR236mn in the first three months of this year, aided by its acquisition of assets and volume expansion in its ship repairs.
The increase in profitability has been mainly due to the acquisitions of two liquefied natural gas (LNG) carriers and one floating storage regasification unit during 2018, and higher volume of projects at Nakilat’s ship repair facility.
"The achievement of positive results across its operations is also attributed to the rationalisation of operational expenses and enhanced operational efficiency," a company spokesman said.
Nakilat successfully deployed its strategic plans towards maintaining its global leadership in LNG transportation and the integral role it plays in Qatar’s LNG supply chain.
The company has managed to grow its international portfolio through the recent expansion with Maran Gas Ventures to include four additional LNG carriers, demonstrating the enhanced operational efficiency and financial strength of the company.
With four LNG vessels under the new joint venture (JV), the number of Nakilat’s vessels has increased to 74, accounting for 11.5% of the global LNG fleet in carrying capacity.
Highlighting that it continues to support development of local enterprises in a bid to strengthen local supply chain within the energy and maritime industry; Nakilat had signed an agreement with McDermott to form a JV to provide offshore and onshore fabrication services in Qatar.
The JV creation had taken place during Qatar Petroleum’s Localisation Programme for Services and Industries in the Energy Sector “Tawteen”, which was held in February 2019.
This project will provide a range of new services that will support Nakilat and its joint ventures to undertake the construction, maintenance, repair and refurbishment of offshore and onshore structures, and all types of vessels.
Complemented by strategic long-term agreements with well-established charterers and its own determination to operate sustainably, Nakilat has managed to maintain steady cash-flow and generate positive value for its shareholders.