Nakilat reports QAR 396 million net profit for the first quarter of 2023, an increase of 3.6%
Doha, Qatar – 16 April 2023
Nakilat, Qatar’s premier liquefied natural gas (LNG) shipping company, has announced its financial results for the first quarter ended March 31, 2023. The company recorded a net profit of QAR 396 million for the first quarter ended March 31, 2023, compared to QAR 382 million during the same period in 2022, an increase of 3.6%.
Here are the key financial highlights from the first quarter of 2023:
- Net profit of QAR 396 million, increase by 3.6%
- Profits of joint venture companies operating in LNG transportation and shipyard increased by 7.9%
The increase in net profit can be attributed to the company’s continued focus on operational efficiency, effective cost management, and robust market demand for its LNG shipping services. The strong financial performance is a testament to its ability to navigate a challenging economic environment and maintain its position as a leading player in the global LNG shipping industry.
Nakilat’s Chief Executive Officer, Eng. Abdullah Al-Sulaiti said, “Nakilat’s strong financial performance in the first quarter of 2023 is a reflection of our continued efforts to optimize our operations and capitalize on market opportunities, which in turn focuses on enhancing the value of our shareholders. Despite the ongoing challenges facing the global economy and market volatility owing to high interest and inflation rates, we have remained resilient and achieved stable financial results, with an increase in net profit by 3.6%. In line with our purpose, vision and strategy, we will continue to pursue sustainable growth, seize business opportunities and maintain our position as one of the world’s leading players in the global LNG shipping industry.”
Furthermore, Nakilat has recently received the British Safety Council’s Health and Safety Excellence (HSE) 5-star rating for the sixth consecutive time. The HSE 5-star rating is a prestigious recognition that reflects our unwavering commitment to health and safety across all its operations. The company has implemented a robust health and safety management system that prioritizes the well-being of its workforce and ensures compliance with global best practices. Moreover, we scored Five Star rating in maiden attempt for being audited by British Safety Council against their Five Star Environmental Sustainability audit specifications. This rating also qualifies us to contend for BSC’s Globe of Honor award later this year. Nakilat’s continued success in maintaining the HSE 5-star rating underscores its dedication to providing a safe and secure work environment for its employees, customers, and the community.
The Company Board of Directors would like to take this opportunity to extend deep appreciation to QatarEnergy, its Industrial Cities directorate, Qatargas, and all staff for their ongoing support and collaboration, in being the drivers of our success and leading the company to its vision of becoming a global leader and provider of choice for energy transportation and maritime services.
In-line with commitment on providing the best practices in investor relations and its strategy to engage shareholders and investors, the company will hold an investor relations conference call to discuss the financial results for the first quarter of 2023, on Monday, 17 April 2023 at 01:30 pm (Doha Time). The conference presentation will be published on the company’s website prior to the conference call. For further information on conference call dial-in details, you can visit the company’s website www.nakilat.com