Nakilat Reports Net Profit of QR 240 Million in Q1

Doha April 19 (QNA) - Qatar Gas Transport Company Limited (Nakilat) announced its financial results for the first quarter ended 31 March 2016, where the Company's net profit reached QR 240 million compared with QR 223 million of the same period of last year (2015), with an increase of 8%. The increase in the company's profits reflects the strong growth of Nakilat's operating activities in transporting liquefied natural gas (LNG), and better performance of its liquefied petroleum gas (LPG) vessels, a company press release said. Earnings per Share (EPS) amounted to QR 0.43 in the 1st quarter of 2016 compared to EPS amounted to QR 0.40 for the same period of the previous year. Nakilat Managing Director Eng. Abdullah Fadhalah Al Sulaiti said: "We are happy with the company's achievements. Our strategy remains unchanged, and we are concentrating on maintaining a strong portfolio, investing in more efficient technology, and delivering the best results for our investors." The company strategy involves new business opportunities by acquiring new vessels that serve the international maritime industry. Nakilat is also continually assessing current investments in relation to profitability in order to address any risk involved for the company and its shareholders. "Total company revenue of QR 906 million has gone up by 4% compared to same period of last year," he continued. "Given of the downturn in the energy market and its corresponding impact on Nakilat's business outlook, we have managed our company's operations by emphasizing the importance of identifying efficiencies where possible." Nakilat is a Qatari-owned marine company which provides the critical transportation link in the State of Qatar's liquefied natural gas (LNG) supply chain oversees the activities of the country's world-class shipyard and provides services to vessels in Qatari waters. Established in 2004 as a joint stock company, Nakilat has the largest LNG shipping fleet in the world, consisting of 67 LNG vessels along with four Liquefied Petroleum Gas (LPG) Very Large Gas Carriers (VLGCs). Since its inception, Nakilat has also diversified its activities to become a well-rounded marine industry operator. This is evidenced by the development of Qatar's rapidly expanding marine industrial sector via Erhama Bin Jaber Al Jalahma Shipyard, a world-class ship repair and shipbuilding facility in the Port of Ras Laffan. (QNA)