Nakilat reports QAR 396mln net profit for the first quarter of 2023, an increase of 3.6%

Nakilat reports QAR 396mln net profit for the first quarter of 2023, an increase of 3.6%

Doha, Qatar: Nakilat, Qatar's premier liquefied natural gas (LNG) shipping company, has announced its financial results for the first quarter ended March 31, 2023. The company recorded a net profit of QAR 396 million for the first quarter ended March 31, 2023, compared to QAR 382 million during the same period in 2022, an increase of 3.6%.

Here are the key financial highlights from the first quarter of 2023:

- Net profit of QAR 396 million, increase by 3.6%

- Profits of joint venture companies operating in LNG transportation and shipyard increased by 7.9%

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 Chief Executive Officer, Eng. Abdullah Al-Sulaiti said, "Nakilat’s strong financial performance in the first quarter of 2023 is a reflection of our continued efforts to optimize our operations and capitalize on market opportunities, which in turn focuses on enhancing the value of our shareholders. Despite the ongoing challenges facing the global economy