Qatar’s Nakilat says Q1 net profit climbs 14.5 percent

Qatari LNG shipping giant Nakilat has reported a 14.5 percent rise in the first-quarter net profit as it slashed operational and administrative costs.

The firm logged a net profit of 320.1 million riyals ($85.3 million) in the January-March period, compared to 279.5 million riyals in the same quarter last year, Nakilat said on Sunday.

Revenue reached a bit above 1 billion riyals, down some 14.7 million riyals or 1.4 percent from the first quarter last year, the company’s results show.

In addition, Nakilat said it has managed to cut operating expenses by 4.1 percent as well as general and administrative expenses by 28.1 percent.

The LNG shipper has reported 687 million riyals ($183 million) in total expenses for the first quarter, compared to 742.3 million riyals in the same period last year.

To remind, Nakilat logged its highest-ever yearly profit in 2020 despite the effects related to the Covid-19 pandemic. The firm’s net profit of 1.16 billion riyals rose 15.7 percent when compared to 2019.

Nakilat is the world’s largest LNG shipping company. Following the delivery of two LNG newbuilds this year, the company’s fleet will increase to 74 vessels. These include four LPG carriers and one FSRU.

- Advertisements -

Most Popular

Commissioning of India’s Chhara LNG terminal delayed

India’s Hindustan Petroleum, a unit of state-owned ONGC, has reportedly delayed the commissioning of its Chhara LNG import terminal...

MOL’s LNG carrier fleet to grow to 104 vessels by March 2025

Japan's shipping giant MOL expects its huge fleet of liquefied natural gas (LNG) carriers to increase to 104 vessels...

Venture Global: Plaquemines LNG to start production in mid-2024

US LNG exporter Venture Global LNG expects to start LNG production at its Plaquemines LNG export plant in Louisiana...

More News Like This

Nakilat’s Q1 profit up 6 percent

Qatari LNG shipping giant Nakilat said both its net profit and revenue rose in the first quarter of this...

QatarEnergy picks shipowners for 18 giant LNG carriers

LNG giant QatarEnergy has selected shipowners to own and operate 18 Q-Max LNG carriers as part of its massive...

Hanwha Ocean bags $1.84 billion Qatari LNG carrier order

South Korean shipbuilder Hanwha Ocean, previously known as DSME, has secured an LNG carrier order worth about $1.84 billion...

QatarEnergy, Nakilat seal charter deals for 25 LNG carriers

State-run LNG giant QatarEnergy said it had signed time charter agreements with compatriot shipping firm Nakilat for 25 conventional-size...