Qatar’s Nakilat reports record yearly profit

Qatari LNG shipping giant Nakilat reported its best-ever yearly profit in 2022 as it expanded the company’s fleet to 74 vessels.

The firm reported a net profit of about 1.44 billion riyals ($395 million) in 2022, a rise of 6.3 percent when compared to 1.35 billion riyals in the year before.

In addition, Nakilat said its revenue reached about 4.40 billion riyals ($1.2 billion) last year, up 6.3 percent when compared to the year before.

The firm attributed the increase in revenue to higher results from its joint ventures.

Nakilat’s board of directors recommended the distribution of cash dividends of 0.13 Qatari riyals per share.

“Despite all the challenges the world faced in 2022 by an unprecedented pace of rise in interest and inflation rates, Nakilat managed to overcome these fluctuations with the least impact on its financial performance, a clear indication of the strength and durability of our operational excellence in the field of energy transportation and marine services,” Abdullah Al-Sulaiti, CEO of Nakilat, said in the statement.

In October 2021, Nakilat took delivery of the 173,400-cbm Global Sea Spirit, followed by the 174,000-cbm Global Sealine in January 2022.

Following these deliveries, Nakilat’s fleet rose to 74 vessels. These include four LPG carriers and one FSRU.

“The addition to our fleet has allowed Nakilat to increase its fleet capacity and increase operational efficiency, giving us a competitive advantage at a time when the company is expanding its portfolio in the global transportation market by constantly searching for growth opportunities that benefit its shareholders in the long term,” Al-Sulaiti said.

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