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Nakilat announces financial results for nine-month period ended 30 September

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LNG Industry,

Nakilat has released its financial results for the nine-month period ended 30 September 2019, with net profits of QR728 million – a 10.5% increase compared to QR659 million during the same period in 2018.

According to the statement, the board of directors commended the company for sustaining its robust financial performance and operational excellence throughout the financial period. The company has been demonstrating success in implementing strategic plans to maintain its global leadership in energy transportation and maritime services. Nakilat claims that its positive financial performance can be primarily attributed to better operational performance in managing its LNG and LPG vessels. The company also realised higher revenues on additional income from the acquisition of two additional LNG carriers and one floating storage and regasification unit (FSRU) last year, as well as higher LPG shipping rates worldwide. Furthermore, Nakilat claims that it has successfully reduced operational expenses through continuous rationalisation activities, process enhancements, and cost optimisation initiatives to remain efficient, leading to a significant increase in the share price of the company during this period.

Nakilat Chief Executive Officer (CEO), Abdullah Fadhalah Al Sulaiti said: “Nakilat’s strong financial performance bears testament to the company’s ongoing emphasis and continuous improvements to remain competitive within the global energy transportation market, sustaining healthy cashflow and generating steady returns for our shareholders. With the support of Qatar Petroleum and its affiliates, the encouraging volume of projects at the Erhama Bin Jaber Al Jalahma Shipyard and more recently, the successful delivery of the Bul Hanine fabrication project for Qatar Petroleum for which we successfully achieved 1 million safe man hours, we are highly driven to enhance synergy across the entire organization in order to improve efficiency and increase productivity without compromising safety and quality across all our integrated shipping and maritime operations.”

Al Sulaiti also noted that the company has been making efforts to strengthen its position by investing in human capital to strengthen in-house capability to further elevate the company to greater heights, with the support of key charterer Qatargas. In the coming years, Nakilat expects to take on greater ship management responsibilities following the second phase of LNG fleet management transition from Shell and management transition a FSRU, as well as the addition of four newbuild LNG carriers to its fleet.

Al Sulaiti concluded: “Nakilat’s superior operational excellence in energy transportation and maritime services not only support Qatar’s vision in developing the LNG market, but also contribute towards developing the country’s shipping and maritime industry. With greater demand for clean energy globally, Nakilat is ambitious in expanding our international outreach and diversifying our portfolio to meet the growing energy transportation needs. Together, We will remain focused in achieving our strategic goals while prudently navigating challenges, propelling Nakilat forward as a global leader and provider of choice for energy transportation and maritime services.”

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