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Nakilat’s 2019 H1 net profit jumps 7% to QR476 million

Nakilat’s 2019 H1 net profit jumps 7% to QR476 million

Tribune news network
Nakilat has reported a net profit of QR476 million for the first half of the year ended June 30 2019, an increase of 7 percent compared to the same period in 2018, the company announced in a statement on Wednesday.
Nakilat’s strong financial performance is driven by long-term strategic plans towards achieving the company’s goals, championed by the Board of Directors, the statement said.
The acquisition of two additional liquefied natural gas (LNG) carriers and one Floating Storage Regasification Unit (FSRU) in 2018 is among the main attributes to the positive financial results, as well as the increased volume of projects at Nakilat’s Erhama Bin Jaber Al Jalahma Shipyard facility which recently commemorated its 200th LNG carrier repair, Nakilat said.
Nakilat has achieved positive results across its operations through rationalisation of operational expenses which in turn resulted in a strong first half of the year, leading to a solid stock price performance for year to date 2019, the statement said.
Nakilat CEO Abdullah al Sulaiti, said, “Nakilat’s commitment to deliver value for our shareholders and maintain our leadership in energy transportation have been the main driving forces behind the solid performance achieved today.
“While we remain focused on achieving our strategic goals, we are also continually assessing the market and our current investments in relation to profitability to address any risk involved for the company and our shareholders.
“This enables us to prudently navigate anticipated or unexpected challenges, in an effort to steer the company forward as a global leader and provider of choice for energy transportation and maritime services.”
Sulaiti added, “The huge demand for cleaner energy supports LNG trade growth, hence increases demand for LNG shipping industry. Nakilat strives to meet the growing energy transportation needs by capitalising on the potential investment opportunity in promising strategic projects.”
Nakilat expanded its international portfolio through the acquisition of four additional LNG carriers earlier this year.


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