Qatar’s Nakilat posts higher Q3 profit

Qatari LNG shipping giant Nakilat reported a rise in its net profit in the third quarter of this year, as it continued to slash operational and administrative costs.

The firm logged a net profit of about 1 billion riyals ($274.6 million) in the July-September period, a rise of 11.5 percent when compared to 900 million riyals in the same quarter last year.

Nakilat said in a statement on Sunday its revenue had reached about 3 billion riyals ($823.4 million) in the quarter, up 0.2 percent when compared to the same period last year.

In addition, Nakilat said it had managed to cut operating expenses by 0.9 percent as well as general and administrative expenses by 4.8 percent.

The LNG shipper reported 2.06 billion riyals in total expenses for the third quarter, compared to 2.16 billion riyals in the same period last year.

In July, Nakilat announced a 15.6 percent rise in its first-half net profit. The firm’s profit rose to 636 million riyals.

Nakilat is the world’s largest LNG shipping company. Following the delivery of two LNG newbuilds, the company’s fleet will increase to 74 vessels. These include four LPG carriers and one FSRU.

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