Nakilat, the shipping arm of Qatar’s liquefied natural gas (LNG) sector, announced profits of QR 756.3 million for its first nine months results, an increase of 9% on the same period last year.
The healthy financial results reflect Nakilat’s strategic development, the success of its joint ventures, and the company’s resilience in the challenging economic climate.
The Board of Directors stated that Nakilat is in an enviable position within the energy industry in facing the current economic situation, as the company’s ships are on long-term charter hire contracts that are not impacted by temporary fluctuations in oil prices. The Board also stated their continued commitment to Nakilat’s growth and development strategy, in line with Qatar’s National Vision 2030.
Eng. Abdullah Al Sulaiti, Nakilat Managing Director said: “Nakilat continues to show robust profits and growth. Despite regional challenges, our policy of making prudent investments for achieving higher economic benefit in the short and long-term, and seeking sustainable growth opportunities continues to work in our favour. We have also lowered our operating costs, and our financing costs are decreasing as we have repaid a suitable amount of our loans.”
Mr. Al Sulaiti added: “We have also seen increased profits from our joint ventures, particularly since the launch of new two vessels during the year, along with an additional five vessels that became fully operational. Nakilat’s place as the lynchpin in the Qatari marine services sector will continue to grow unabated.”
The Major credit rating agency Standard & Poor’s (S&P) has reaffirmed Nakilat’s senior debt credit rating at ‘AA- ‘with a stable outlook, which is indicative of Nakilat’s strong capability to meet its financial commitments.