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Nakilat reports 18% increase in profits for 1Q20

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LNG Industry,


Nakilat has announced its financial results for the first quarter of 2020 ended 31 March 2020.

The company has ended the quarter with a net profit of QR279.5 million, an increase of 18% (QR 236 million) compared to 1Q19.

Key 1Q20 financial highlights:

  • Net profit of QAR 279.5 million, increase by 18%.
  • Revenue of QAR 1.02 billion, increase by 13%.
  • General and administrative expenses decreased by 1.6%.

Despite the ongoing challenges of the global COVID-19 pandemic, Nakilat has continued to uphold its standards of operational excellence in the management of its LNG and LPG vessels and ensured no disruption to its business. In addition, the company is committed to continuing to follow stringent precautionary measures in order to ensure the safety of its employees.

Nakilat’s Board of Directors commended the company’s solid financial results and operational performance. The Board also expressed their appreciation to all relevant authorities, including Qatar Petroleum (QP) for its ongoing support of Nakilat’s activities, to QP Industrial Cities for its co-operation with the Erhama Bin Jaber Al Jalahma Shipyard, and to strategic partner Qatargas for playing a significant role in helping Nakilat ensure its robust financial performance.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/21042020/nakilat-reports-18-percent-increase-in-profits-for-1q20/

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