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The firm reported a net profit of about 433 million riyals ($118.8 million) for the first quarter of 2025, ended March 31.
This compares to about 420 million riyals in the first quarter of 2024.
According to Nakilat, the firm incurred total expenses of 673 million riyals, reflecting a decrease of 5.7 percent.
Nakilat said this sustained growth is attributed to its strategic fleet expansion and operational excellence.
In 2024, the firm reported a net profit of about 1.64 billion riyals, up 5.1 percent.
LNG fleet
Nakilat said it remains on track with its newbuild program, which includes LNG carriers and LPG/ammonia gas carriers under construction.
Last month, 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.
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 Industries (HHI) 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.