Nakilat Posts Q3 Net Profit of QR 749 Million

Doha, October 16 (QNA) - Nakilat has announced its financial results for the third quarter ended 30 September 2016, where the Company's net profit reached QR 749 million compared to QR 757 million for the same period last year. The Board of Directors stated that the company's strategic long-term charters for its LNG vessels and the strong LPG vessels performance have ensured the continuous strong financial profitability despite the current market conditions of fluctuating oil and gas prices and the slowdown in ship repair and building activities, Nakilat said in a press release on Sunday. The board also reaffirmed their steadfast commitment to Nakilat's growth and development strategy, in line with Qatar's National Vision 2030. Nakilat Managing Director Eng. Abdullah Fadhalah Al Sulaiti said: "Nakilat's resilient financial performance, despite the current economic climate, is attributed to the prudence and effectiveness of our long-term business strategies. We are actively seeking out new business opportunities to grow our business portfolio and maximize returns for our shareholders." Al Sulaiti added: "Our joint ventures continue to value-add to our operations, strengthening our ambition to be a global leader and provider of choice for energy transportation and maritime services." 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 63 LNG vessels. Nakilat also owns and manages 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)