Nakilat Achieves 9% Profit Growth for the First Half of 2018

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Doha, July 11 (QNA) - Nakilat announced its financial results for the first half of the year ended 30 June 2018, with the company achieving a net profit of QR 445 million compared to QR 409 million during the same period in 2017, an increase of 9%.
Earnings per Share (EPS) amounted to QR 0.80 for the period ended June 30, 2018 compared to EPS amounted to QR 0.74 for the same period of the previous year.
Commenting on the results, Nakilat Chief Executive Officer Eng. Abdullah Al Sulaiti said that Nakilats commitment to deliver value for shareholders and maintain its leadership in energy transportation have been the main driving forces behind the solid performance achieved today.
He added that the diversification of the company's fleet through the acquisition of the first FSRU paves a new business avenue for Nakilat to expand its outreach to developing and emerging markets, thereby enabling it to sustain long-term growth and development strategies.
While Nakilat remains focused on achieving its strategic goals, it is also continually assessing the market and its current investments in relation to profitability to address any risk involved for the company and shareholders, Al Sulaiti underlined. "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".
During the past year, there have been many positive developments across the company, despite the challenging market conditions in the maritime sector. Nakilat continued to pursue its long-term strategic goals through the expansion of its fleet with two additional LNG carriers earlier this year and more recently, acquired a major stake in its first floating storage regasification unit (FSRU).
This significant milestone is in line with the company's plan to diversify and grow its business portfolio, with the aim to widen its international outreach and secure its industry-leading position in the dynamic and competitive LNG market. In addition, it opens a new horizon and business avenue for Nakilat to sustain its long-term growth and development strategies, which in turn will further maximize value and returns for the shareholders.
The financial results for the first half of this year are a reflection of the company's secured long-term agreements with financially strong charterers, which has enabled Nakilat to maintain a steady cash flow and generate positive value for its shareholders. The company's innovative cost optimization strategy and initiatives, as well as periodic repayment of loan principals, have resulted in reduced financing costs and enhanced efficiencies across its operations.
Nakilat is a Qatari LNG transport company providing an essential transportation link in the State of Qatar's LNG supply chain. Its LNG shipping fleet is the largest in the world, comprising of 65 LNG vessels. Nakilat also owns and manages one FSRU vessel and four large LPG carriers.
Nakilat operates the ship repair and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan Industrial City via two strategic joint ventures: N-KOM and NDSQ. Nakilat also offers a full range of marine support services to vessels operating in Qatari waters. (QNA)