Qatari Nakilat's H1 Profit Up 15%

Qatari shipping company Nakilat’s net profit during the six months to June 30 was Qatari riyal 550mn ($151mn), up 15% yr/yr, it said on July 15 in a statement.

“The company’s strong financial performance is primarily attributed to operational excellence in the management of its entire fleet and realising additional revenues from the strategic acquisition of the remaining 49.9% of four Q-Flexs vessels in October 2019,” the company said. Its revenue during H1 was riyal 2.02bn, up 11.3% yr/yr.

The start of the second phase fleet management transition is among the main contributors to the positive financial results achieved, with two vessels transitioned in the last quarter, Nakilat said . “In addition, the company followed through its fleet expansion plans and took delivery of an LNG carrier newbuild, which will be commercially and technically managed in-house and chartered by Qatargas.”

The delivery of all four newbuild LNG carriers by end-2021 will bring Nakilat’s fleet to 74 vessels, which is about 12% of current global LNG fleet in carrying capacity.