Qatari Nakilat reports 8% increase in 2023 profit

Qatari shipping company Nakilat on January 28 reported a net profit of 1.56bn riyals ($428.4mn) for 2023, marking an 8.3% increase compared with the previous year.

The company attributed the profit growth to higher revenues, which totaled 4.65bn riyals, reflecting a 6.5% year/year increase. Nakilat highlighted that increased results from joint ventures and higher interest income drove this revenue boost. However, the positive financial performance was partially offset by higher finance charges.

Nakilat revealed on January 9 that it has initiated a significant shipping expansion project. The company has 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.