Qatari Nakilat reports 6% rise in profit in Q1

Qatari shipping firm Nakilat on April 29 announced a 6.1% year/year increase in net profit during the January-March (Q1) quarter owing to operational efficiency and strong demand for its LNG shipping services in the global market.

During the quarter, Nakilat recorded a net profit of 420mn riyals ($115.4mn), up from 396mn riyals in the same period last year. Total revenue for Q1 reached 1.13bn riyals, marking a 1.2% year/year increase. 

Nakilat's strong performance in Q1 follows important milestones earlier in the year. In February, the company was awarded long-term contracts and appointed as the full owner and operator of up to 25 LNG carriers by QatarEnergy. 

Nakilat revealed in January that it has initiated a significant shipping expansion project. The company had placed orders with South Korea's Hyundai Samho Heavy Industries for the construction of two LNG carriers and four very large LPG/ammonia gas carriers.

Upon successful delivery of these vessels, Nakilat's LNG fleet is set to expand to 71 vessels. Simultaneously, the LPG fleet will see growth, reaching a total of eight vessels.