Nakilat announced its financial results for the first quarter ending on March 31, 2023, as the company achieved a net profit of 396 million riyals, compared to 382 million riyals for the same period in 2022, an increase of 3.6%. Profits of joint venture companies operating in the transportation of liquefied natural gas and shipyards increased by 7.9%.
The increase in net profit is attributable to the company’s continued interest in ensuring operational efficiency, effective cost management, and strong market demand for its LNG shipping services. The company’s strong financial performance testifies to its ability to navigate a challenging economic reality and maintain its position as a major player in the global LNG shipping industry.
Eng. Abdullah Al-Sulaiti, CEO of Nakilat, said, “The strong financial performance in the first quarter reflects the tireless efforts to optimize operations and seize market opportunities, which in turn enhances added value for our shareholders.
He added, despite the ongoing challenges facing the global economy, and market volatility due to high interest rates and increasing inflation, we maintained our flexibility and our ability to withstand and adapt and achieve stable financial results with an increase in net profits by 3.6 percent.
He added, “In line with our strategic purpose and vision, we will continue our endeavors to achieve sustainable growth, seize business opportunities, and maintain our position as a major player in the global LNG shipping sector.”
In addition, Nakilat has recently been awarded, for the sixth year in a row, a five-star rating for excellence in health and safety management from the British Safety Council. This rating represents a high-level recognition that reflects our firm commitment to meeting occupational health and safety standards in all of our operations. The company has implemented a robust health and safety management system that places the well-being of its workforce at the forefront of its priorities and ensures compliance with global best practices in this field. Nakilat has also achieved a five-star rating for passing an environmental sustainability audit by the British Safety Council, which also qualifies us to compete for the Globe of Honor award to be awarded by the British Safety Council later this year. The continuous success for years in successive continuity in obtaining a five-star rating for excellence in health and safety management confirms its commitment to creating a safe and secure work environment for all its employees, customers and society in general.
The Board of Directors would like to take this opportunity to express our sincere thanks and appreciation to Qatar Power Company, the management of its industrial cities, Qatargas and all employees of the company for their continuous support and cooperation in order to ensure the success and achievement of our vision of being a world leader and preferred provider in the field of energy transportation and marine services.
The company is holding an investor relations meeting by phone to discuss the financial results for the first quarter of 2023, today, Monday, April 17, 2023 at 01:30 pm Doha time.
