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.

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