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The firm reported a net profit of about 1.31 billion riyals ($359 million) for the quarter ended September 30, 2025.
This compares to 1.28 billion riyals in the third quarter of 2024.
Nakilat reported a net profit of about 860 million riyals in the first half of this year, up by 3.7 percent year-on-year.
According to Nakilat, its net income in the third quarter was driven by higher revenue from wholly-owned vessels and reduced finance charges.
The firm noted that this was partly offset by the introduction of Qatar Shipyard Technology Solutions & LPG vessels operating expenses, which are now fully consolidated, and higher amortization due to the new drydocks cycle.
Total income of 3.49 billion riyals in the third quarter increased by 1.5 percent.
Nakilat said its expenses decreased by 0.3 percent to 2.16 billion riyals primarily due to lower finance charges derived from higher capitalized interest, scheduled loan repayments, and lower average variable interest rate.
Abdullah Al-Sulaiti, Nakilat’s CEO, said Nakilat delivered a “strong performance in the third quarter, driven by efficient execution and stable operations.”
“We are approaching a pivotal phase in our expansion plans, as our LNG fleet growth program transitions from planning to execution, with the first vessel from the expansion project scheduled for delivery by the end of 2026,” he said.
Al-Sulaiti noted that the company enhanced its financial flexibility through a financing agreement with the Export-Import Bank of Korea for the delivery of 25 LNG carriers, supporting its long-term sustainable growth ambitions and boosting competitiveness.
In July, Nakilat launched the first financing package with the Export-Import Bank of Korea (KEXIM) for 25 conventional Korean-built LNG vessels.
LNG fleet
Nakilat remains on track with its newbuild program, which includes LNG carriers and LPG/ammonia gas carriers under construction.
In March, Nakilat marked a milestone with two steel-cutting ceremonies for a total of ten of its new LNG carriers and four LPG/ammonia gas carriers at Hanwha Ocean and HD Hyundai Samho shipyards in South Korea.
In addition, South Korean shipbuilder HD Hyundai Heavy Industries officially started building in May Nakilat’s first of 17 LNG carriers as part of an order placed last year.
Nakilat’s fleet currently includes 24 conventional LNG carriers, 31 Q-Flex vessels (210,000-217,000 cbm), 14 Q-Max vessels (263,000-266,000 cbm), and one FSRU. This includes jointly-owned LNG carriers.
In January last year, Nakilat placed orders worth about $955 million with HD Hyundai Samho to construct two LNG tankers and four LPG/ammonia carriers.
Moreover, Nakilat signed charter agreements in March 2024 with LNG giant QatarEnergy for 25 conventional-size LNG carriers as part of the second phase of its massive shipbuilding program.
Seventeen of the 25 LNG vessels are being constructed at the HD Hyundai Heavy shipyards in South Korea, while the remaining eight are being constructed at Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering.
QatarEnergy also signed a time charter and operation agreement with Nakilat for nine 271,000-cbm LNG carriers.
The nine QC-Max vessels will be constructed at China’s Hudong-Zhonghua.
Nakilat has 36 LNG carriers and four LPG/ammonia carriers on order.
The total vessel count in the company’s fleet will reach 114 once all the vessels are delivered, including 105 LNG carriers.
