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Nakilat achieves increased profits for 1H19

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LNG Industry,

Nakilat has announced its financial results for the first half of the year ended 30 June 2019, with the company achieving a net profit of QR 476 million compared to QR 445 million during the same period in 2018, an increase of 7%.

The acquisition of two additional LNG carriers and one floating storage regasification unit (FSRU) in 2018 are among the main attributes contributing to these positive financial results, as well as the increased volume of projects at Nakilat’s Erhama Bin Jaber Al Jalahma Shipyard facility, which recently commemorated its 200th LNG carrier repair.

Nakilat has continued to expand its international portfolio through the acquisition of four additional LNG carriers earlier this year.

In addition, Nakilat has achieved positive results across its operations through rationalisation 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.

Commenting on the company’s excellent results, Nakilat Chief Executive Officer Eng. Abdullah Al Sulaiti said: “Nakilat’s commitment to deliver value for our shareholders and maintain our leadership in energy transportation have been the main driving forces behind the solid performance achieved today. While we remain focused on achieving our strategic goals, we are also continually assessing the market and our current investments in relation to profitability to address any risk involved for the company and our shareholders. This enables us to prudently navigate anticipated or unexpected challenges, in an effort to steer the company forward as a global leader and provider of choice for energy transportation and maritime services.”

Al-Sulaiti added, “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.”

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