Qatar's Nakilat reports 5% increase in Q3 net profit

Qatari shipping company Nakilat recorded a net profit of 1.19bn riyals ($326.8mn) in the third quarter of 2023 (Q3), up 4.8% year-on-year, driven by higher profit in the LNG transportation and shipyards business, it said on October 15.

Profit from LNG transportation and shipyards rose by 16.9% year/year, reflecting strong global demand for clean energy shipping capacities. Total revenue increased by 6.5% year/year mainly due to higher results from joint ventures and higher interest income, the company stated. 

CEO Abdullah Al-Sulaiti said, "As the global demand for clean energy shipping capacities continues to rise, Nakilat remains fully committed to meeting the long-term requirements for secure and reliable energy transportation solutions."

Nakilat has a fleet of 74 vessels, including 69 LNG carriers, four LPG carriers, and one FSRU.