Qatar’s Nakilat says Q1 net profit climbs 14.5 percent

Qatari LNG shipping giant Nakilat has reported a 14.5 percent rise in the first-quarter net profit as it slashed operational and administrative costs.

The firm logged a net profit of 320.1 million riyals ($85.3 million) in the January-March period, compared to 279.5 million riyals in the same quarter last year, Nakilat said on Sunday.

Revenue reached a bit above 1 billion riyals, down some 14.7 million riyals or 1.4 percent from the first quarter last year, the company’s results show.

In addition, Nakilat said it has managed to cut operating expenses by 4.1 percent as well as general and administrative expenses by 28.1 percent.

The LNG shipper has reported 687 million riyals ($183 million) in total expenses for the first quarter, compared to 742.3 million riyals in the same period last year.

To remind, Nakilat logged its highest-ever yearly profit in 2020 despite the effects related to the Covid-19 pandemic. The firm’s net profit of 1.16 billion riyals rose 15.7 percent when compared to 2019.

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.

Most Popular

Venture Global gets FERC OK to boost Plaquemines LNG capacity

US LNG exporter Venture Global LNG has received approval from the US FERC to boost the capacity of its Plaquemines LNG terminal in Louisiana to 27.2 mtpa.

Asyad Shipping sells LNG carrier

Oman's Asyad Shipping has sold a 2006-built steam liquefied natural gas (LNG) carrier, according to brokers.

First Rio Grande LNG tank taking shape

US LNG developer NextDecade continues to make progress on the first phase of its Rio Grande LNG export plant in Texas, including the first 180,000-cbm storage tank.

More News Like This

Nakilat’s profit up 5.1 percent

The firm reported a net profit of about 1.64 billion riyals ($450.4 million) for the year ending December 2024. This...

GTT opens Qatar office

French LNG containment giant GTT has opened a new office in Doha, Qatar's capital and economic hub. GTT’s chairman Philippe...

Nakilat’s Q3 profit up 7.2 percent

The firm reported net profit of about 1.28 billion riyals ($352 million) for the quarter. This compares to 1.19 billion riyals in...

Nakilat’s H1 profit climbs 7 percent

The firm reported a net profit of about 829 million riyals ($227 million) for the January-June period, a rise...