Qatar-based shipping and maritime company Nakilat reported a 16% year-on-year jump in net profit to $151 million in the first half (H1) of this year.
The organization which as the world’s largest LNG shipping fleet, attributed the financial success primarily on operational excellence in the management of its entire fleet and realizing additional revenues from the strategic acquisition of the remaining 49.9% of four Q-Flex vessels in October 2019.
Nakilat’s revenues increased by 11% to reach $554.79 million while its general and administrative expenses decreased by 12% in the review period.
Despite the ongoing challenges of the pandemic, Nakilat ensured that no disruption happened to its business and by upholding operational excellence in the management of its liquefied natural gas (LNG) and liquefied petroleum gas (LPG) vessels.
“This demonstrates the company’s commitment to providing shipping and maritime services in a safe, reliable and efficient manner.”
The successful commencement of Nakilat’s second phase fleet management transition is considered as one of the main attributes to the positive financial results achieved, with two vessels transitioned in the last quarter.
In addition, the company followed through its fleet expansion plans and took delivery of an LNG carrier new-build, which will be commercially and technically managed in-house and chartered by Qatargas.
The delivery of all four new-build LNG carriers by end-2021 will bring Nakilat’s fleet to 74 vessels, which is about 12% of the current global LNG fleet in carrying capacity.
The company’s steady expansion further highlights its robust financial performance and strategic planning, which comes as part of efforts to maximize returns for shareholders.
“The company’s sustained financial performance bears testament to our ongoing strategy on enhancing efficiency, rationalizing expenditures, reduction of operational and administrative costs, as well as creating innovative solutions to uphold operational excellence in our services, without compromising safety and quality across our integrated operations.”
“This allows us to navigate anticipated or unexpected challenges, to steer the company forward as a global leader and provider of choice for energy transportation and maritime services.”