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Nakilat reports record profit in 2023

Nakilat Nakilat Q-max LNG Carrier Mozah
Profit at Nakilat reached a record QAR1,559m ($427.7m) in 2023, despite geopolitical challenges in the shipping industry.

The record profit was a 8.3% increase over 2022 and built on revenues of QAR4,653m, up 5.7% on 2022.

Nakilat CEO, Eng. Abdullah Fadhalah Al-Sulaiti, said: “This remarkable financial performance is due to the unwavering commitment of our dedicated seafarers and shore- based staff who work tirelessly to deliver clean energy to the world, safely and in a reliable manner. Their hard work and dedication have been instrumental in achieving these results.”

Nakilat further attributed its success to efficiency management of operations and the flexibility to adapt and capitalise on market changes.

Chairman of the Board of Directors Abdulaziz Jassim Al-Muftah, said the year was one of changes and challenges in the shipping market. 

“As geopolitical dynamics continue to impact global energy markets, Nakilat remains steadfast in adapting to these changes. We recognize the importance of staying agile in the face of uncertainties and are committed to overcoming challenges by leveraging our expertise and strategic partnerships with a forward-looking approach,” he said.