Qatar’s Nakilat logs rise in net profit

Qatari LNG shipping giant Nakilat has reported a 15.6 percent rise in first-half net profit as it continued to trim operational and administrative costs.

The firm logged a net profit of 636 million riyals ($174 million) in the January-June period, compared to 550 million riyals in the same period last year, Nakilat said in a statement on Monday.

Revenue reached about 2.01 billion riyals ($552 million), almost flat when compared to the first half last year, the company’s results show.

In addition, Nakilat said it has managed to cut operating expenses by 2.4 percent as well as general and administrative expenses by 18.6 percent.

The LNG shipper has reported 1.37 billion riyals in total expenses for the January-June period, compared to 1.47 billion riyals in the same period last year.

In the second quarter of this year, Nakilat’s net profit reached about 315.9 million riyals, a rise when compared to 270.5 riyals in the same period last year.

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

Sempra, Bechtel ink EPC deal for Port Arthur LNG expansion project

US LNG exporter Sempra Infrastructure, a unit of Sempra, and compatriot engineering and construction firm Bechtel have finalized a...

Venture Global’s Plaquemines LNG inks gas supply deal

Venture Global LNG's Plaquemines LNG has signed a natural gas sale and purchase deal with Houston-based midstream gas marketer...

German LNG terminal operator gets no bids in latest capacity auctions

State-owned LNG terminal operator Deutsche Energy Terminal will launch new capacity auctions for its FSRU-based facilities in Brunsbüttel and...

More News Like This

Excelerate: Pakistan FSRU wraps up 600th STS LNG transfer

The 150,900-cbm FSRU Exquisite, jointly owned by US FSRU player Excelerate Energy and Qatari LNG shipping giant Nakilat, has...

QatarEnergy, Nakilat ink charter deal for nine giant LNG carriers

State-run LNG giant QatarEnergy has signed a time charter and operation agreement with compatriot shipping firm Nakilat for nine...

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...