LNG demand lifts Nakilat to record profit

The profit was driven by higher demand for cleaner energy, said Nakilat, and enabled the company to continue its diversification strategy.

The 2022 net profit of QAR1,439m was on revenues of QAR4,401m, both up by 6.3% over 2021.

Eng. Abdullah Al-Sulaiti, CEO of Nakilat, said: “Despite all the challenges the world faced in 2022 by an unprecedented pace of rise in interest and inflation rates, Nakilat managed to overcome these fluctuations with the least impact on its financial performance, a clear indication of the strength and durability of our operational excellence in the field of energy transportation and marine services.

“The results were complimented by the efforts of our dedicated workforce and collaboration to achieve optimal value for our shareholders and customers. Through the recent strategic expansion of the company’s fleet with an additional 4 LNG carriers, and the improved performance of its joint ventures operating in the drydock, demonstrating our commitment to innovative sustainability and operational excellence.”

Abdulaziz Jassim Al-Muftah, Chairman of Nakilat’s Board of Directors, said: “2022 has been a year marked with changes and challenges that have reshaped our industry. It has also been a year exemplified by the exceptional financial performance of our company – a direct reflection of our expansion strategy, outstanding record and operational excellence in energy transportation and maritime services. The company’s resilience and the convergent efforts of its employees has enabled Nakilat’s sustained growth momentum and business continuity, creating immense value for both its customers and shareholders.”

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