Qatari LNG shipping giant Nakilat reported the highest-ever yearly profit as it continued to expand its fleet and slash administrative costs.
The firm logged a net profit of 1.16 billion riyals ($309.2 million) last year, a rise of 15.7 percent when compared to 1 billion riyals in 2019.
Nakilat reported the record profit even though it logged a slight decrease in the fourth-quarter net profit of some 14 million riyals when compared to the last year.
In addition, 2020 revenue increased 3.4 percent to 4.01 billion riyals despite the impact of the Covid-19 pandemic on the global economy and LNG shipping market, Nakilat said on Sunday.
The firm also said it slashed general and administrative expenses by 28 percent.
During the year, Nakilat completed the second phase of its fleet management transition from Shell taking over full management of seven LNG carriers.
Following the delivery of two LNG newbuilds this year, Nakilat’s fleet will rise to 74 vessels. These include four LPG carriers and one FSRU.