Nakilat, the world’s largest Liquefied Natural Gas (LNG) fleet owner, reported a net profit of QAR 1,135.8 million for the third quarter ended September 30, 2022, compared to QAR 1,003.6 million, reported during the same period in 2021.
Here are the key financial highlights from the third quarter of 2022:
- Net profit of QAR 1,135.8 million, increased by 13.2%
- Profits of joint venture companies operating in LNG transportation and shipyard increased by 47.2%
- General and administrative expenses decreased by 5.5%
The company’s solid financial earnings are a direct testament to its position as a global leader and provider of choice for energy transportation and maritime services. In addition to its maritime services, Nakilat’s value proposition is further strengthened by offering ship repair, industrial and offshore fabrication, towage and maritime services.
Eng. Abdullah Al-Sulaiti, Chief Executive Officer, Nakilat, said: “Nakilat’s outstanding financial performance is a clear indicator of the company’s expansion strategy, superior track-record and operational excellence in energy transportation and maritime services. Through the strategic expansion of its fleet with an additional 4 LNG carriers, and the improved performance of its joint ventures operating in the shipyard, Nakilat has achieved sustainable and long-term growth. Customer-centricity is at the heart of our operations and we remain committed to meeting our customers’ needs for secure, safe and reliable energy transportation solutions globally. Thanks to the concerted efforts of its employees and seafarers, the company has smoothly sustained its growth momentum and created value for its customers and shareholders.”
In response to the greater global demand for clean energy shipping capacity, Nakilat has been diversifying its portfolio and international outreach. Earlier this year, as a testament to the company’s excellent business performance, Nakilat was recognized by Forbes Middle East in its 2022 ‘Top 100 Companies’ list, featuring the biggest and most profitable regional companies, coming in the top 7th position in Qatar and 65th in the Middle East.
In addition, the company’s excellence in safety, sustainability and business continuity, was once again acknowledged for the 5th consecutive year by the British Safety Council, achieving a five-star rating after completing the Council’s comprehensive audit scheme for safety, occupational health and environmental management.
Nakilat places a special emphasis on the development of the professional competencies of its workforce, including national talents. In recognition of the company’s robust efforts in this endeavor, Nakilat was awarded the 2021 Qatarization Award at the energy sector for supporting learning and professional development.
Nakilat will host an investor relations conference call on its financial results for the third quarter of 2022. The conference call will be held on Monday, 17 October 2022, at 13:30 (Doha Time), and the presentation will be made available on the company’s website prior to the call. For further information on Nakilat’s conference call dial-in details, please visit www.nakilat.com
Since its establishment in 2004, Nakilat has evolved into a global leader and provider of choice for energy transportation and maritime services. With the world’s largest LNG fleet of 69 LNG carriers, Nakilat also manages and operates one floating storage regasification unit (FSRU), and four very large LPG carriers (VLGCs). In addition, the company provides comprehensive ship repair and offshore fabrication services, shipping agency services, as well as towage and other marine support services through its JVs: Nakilat-Keppel Offshore & Marine (N-KOM), Qatar Fabrication Company (QFAB), Nakilat SvitzerWisjmuller (NSW), and Nakilat Agency Company Ltd. (NAC).
