Nakilat first quarter net profit rises 3.6% year-on-year: Qatar

Nakilat first quarter net profit rises 3.6% year-on-year: Qatar

Nakilat, Qatar's premier liquefied natural gas (LNG) shipping company, has reported a 3.6% year-on-year increase in net profit to QR396mn in the first quarter (Q1) of 2023.

Profits of joint venture companies operating in LNG transportation and shipyard increased by 7.9% in the review period.

The increase in net profit can be attributed to the company’s continued focus on operational efficiency, effective cost management, and robust market demand for its LNG shipping services.

The strong financial performance is a testament to its ability to navigate a challenging economic environment and maintain its position as a leading player in the global LNG shipping industry.

"Nakilat’s strong financial performance in the first quarter of 2023 is a reflection of our continued efforts to optimise our operations and capitalise on market opportunities, which in turn focuses on enhancing the value of our shareholders," said its chief executive officer, Abdullah al-Sulaiti.

Despite the ongoing challenges facing the global economy and market volatility owing to high interest and inflation rates, the company has remained resilient and achieved stable financial results, with an increase in net profit by 3.6%, he said.

"In line with our purpose, vision and strategy, we will continue to pursue sustainable growth, seize business opportunities and maintain our