Qatari LNG shipping giant Nakilat said both its net profit and revenue rose in the first quarter of this year when compared to the same period last year.
The firm logged a net profit of about 382 million riyals ($104.9 million) in the January-March period, a rise of 19.3 percent when compared to 320.1 million riyals in the same quarter last year.
Nakilat attributed the rise to higher revenues and savings in finance charges.
The company said its revenue had reached about 1.06 billion riyals ($291.1 million) in the quarter, up 5.6 percent year-on-year due to higher results from joint ventures.
In addition, Nakilat managed to cut operating expenses by 0.7 percent to 682 million riyals.
Citing Clarksons data, Nakilat said spot LNG rates for 160,000-cbm DFDE vessels had dropped 77 percent in the first quarter to $35,000 per year when compared to the prior quarter.
Rates for ME-GI vessels dipped 59 percent to $63,000 per day in the quarter.
In October 2021, Nakilat took delivery of the 173,400-cbm Global Sea Spirit, followed by the 174,000-cbm Global Sealine in January this year.
Following these deliveries, Nakilat’s fleet rose to 74 vessels. These include four LPG carriers and one FSRU.
“We are very pleased to report a stellar earnings result for the first quarter 2022, which reiterates the resilient business model that Nakilat has built over the years,” Nakilat’s CEO Abdullah Al Sulaiti, said.
“Against the current backdrop of global economic environment and the long-term needs for diversified, secure and reliable energy transportation solutions, Nakilat shall continue to grow its assets portfolio and generate sustainable return for its shareholders,” he said.