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Nakilat first quarter profit up 6.1%

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Qatari LNG shipping company Nakilat reported higher revenues and lower operating expenses for the first quarter.

The company reported net profit of QAR 420m ($115.4m) for the first quarter 2024, a 6.1% increase on QAR 396m during the same period last year. Total revenue of QAR 1,133m was up 1.2% on-year, while operating expenses fell by 1.4% to QAR 192m.

Nakilat said it credited the improvements to its ongoing emphasis on operational effectiveness, efficient cost management, and the strong market demand for its LNG shipping services.

In its company presentation for the quarter, Nakilat quoted a Woodmac projection that total global liquefaction capacity is expected to increase from 408 mmtpa in 2023 to 730 mmtpa in 2030, an additional capacity of 322 mmtpa. “This upcoming of LNG supply would require LNG transportation,” said Nakilat.

Eng. Abdullah Al-Sulaiti, CEO of Nakilat, said: “Despite an uncertain economic outlook and high interest environment, we have remained committed to reliable and safe global operations, continuing to deliver clean energy to more than 40 countries and about 100 terminals across continents.”

During the quarter, Nakilat was awarded long-term contracts and selected as the full owner and operator of up to 25 LNG carriers by QatarEnergy, marking a significant milestone in its fleet expansion project aimed at meeting future LNG production demands. It also announced in January orders for two LNG carriers and four very large LPG/ammonia carriers. 

Nakilat’s existing fleet stands at 69 LNG carriers, four LPG carriers and a single FSRU, with a further 27 LNG carriers and four LPG/ammonia carriers on order.