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    Nakilat 1H Profit Up 9% on Year

Summary

Nakilat has reported a 9% year on year rise in its 1H net profit

by: Shardul Sharma

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Natural Gas News, Middle East, Security of Supply, Corporate, Import/Export, Investments, Financials, LNG, News By Country, Qatar

Nakilat 1H Profit Up 9% on Year

Qatari state LNG shipowner Nakilat has reported a 9% year on year rise in its net profit for the six-month period that ended June 30, 2018.

The company achieved a net profit of Qatari riyal 445mn ($122.2mn) in 1H compared with Qatari riyal of 409mn in the same period last year, it said July 11. “The financial results for the first half of this year is a reflection of the company’s secured long-term agreements with financially strong charterers, which has enabled Nakilat to maintain a steady cashflow and generate positive value for its shareholders,” it said.

Nakilat said it has continued to pursue its long-term strategic goals through the expansion of its fleet with two additional LNG carriers earlier this year. Also, the company recently acquired a stake in its first floating storage regasification unit (FSRU). “This significant milestone is in line with the company’s plan to diversify and grow its business portfolio, with the aim to widen its international outreach and secure its industry-leading position in the dynamic and competitive LNG market,” the company said.

“Nakilat’s commitment to deliver value for our shareholders and maintain our leadership in energy transportation have been the main driving forces behind the solid performance achieved today. The diversification of our fleet through the acquisition of our first FSRU paves a new business avenue for Nakilat to expand our outreach to developing and emerging markets, thereby enabling us to sustain our long-term growth and development strategies,” Nakilat CEO Abdullah al Sulaiti said.