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.

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