Nakilat Reports Q3 Profit Jump

Qatari shipping company Nakilat on October 19 reported a net profit of riyal 900mn ($247mn) in the three months to September 30, up 23.6% yr/yr. Revenue edged up 12.2% to Qatari riyal 3.06bn.

“The successful commencement of Nakilat’s second phase fleet management transition is among the main attributes to the positive financial results achieved, with six vessels transitioned to in-house management since May 2020,” it said.

The company also attributed higher profit and revenue to operational excellence in the management of its LNG and liquefied petroleum gas vessels, as well as the strategic acquisition of the remaining 49.9% of four Q-Flexes in October 2019.

Nakilat also followed through its fleet expansion plans and took delivery of an LNG carrier newbuild, which is being commercially and technically managed in-house and chartered by Qatargas.

The delivery of all four newbuild LNG carriers by the end of 2021 will bring Nakilat’s fleet to 74 vessels comprising of 69 LNG vessels, 4 LPG vessels, and 1 floating storage and regasification unit.