Qatar: Nakilat net profit up 3.6% to $109mln for Q1 2023

Qatar: Nakilat net profit up 3.6% to $109mln for Q1 2023

Doha - Nakilat, Qatar’s premier liquefied natural gas (LNG) shipping company, has announced its financial results for the first quarter that ended March 31, 2023. The company recorded a net profit of QR 396 million for the first quarter that ended March 31, 2023, compared to QR382 million during the same period in 2022, an increase of 3.6 percent.

Profits of joint venture companies operating in LNG transportation and shipyard increased by 7.9 percent.

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 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 optimise 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 and market volatility owing to high interest and inflation rates, we have remained resilient and achieved stable financial