(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: Nakilat, Qatar's premier LNG shipping company, announced its financial results for the first quarter ended March 31, 2024.
The Company reported net profit of QR420m for the first quarter ended March 31, 2024, compared to QR396m during the same period in 2023, an increase of 6.1 percent.
The following highlights the most prominent financial results from the first quarter of 2024.
Nakilat achieved a net profit of QR420m, reflecting an increase of 6.1 percent, it achieved total revenues of QR1,133m, reflecting an increase of 1.2 percent and the total operating expenses of QR192m, reflecting a decrease of 1.4 percent.
The increase in results can be credited to the company's ongoing emphasis on operational effectiveness, efficient cost management, and strong market demand for its LNG shipping services.
This solid financial achievement demonstrates the company's ability in navigating tough unknown economic conditions and upholding its status as a leading player in the international LNG shipping sector.
Eng. Abdullah Al-Sulaiti, CEO of Nakilat, emphasized the company's strategic approach to these factors:“Despite uncertain economic outlook and high interest environment, we have remained committed to reliable and safe global operations, continuing to deliver clean energy to +40 countries and about 100 terminals across continents.
Throughout two decades of operations, we have been meeting the world's demand for LNG, as a dependable partner. Our latest financial results, reflected by an increase in net profit by 6.1%, is testament to the resilience of the company, its innovative solutions, and its operational efficiency”.
Furthermore, earlier in January 2024, Nakilat has also announced a shipping expansion through vessel acquisition.
The Company placed orders for the construction of six gas vessels: two cutting-edge LNG carriers and four modern very large LPG/ammonia carriers.
Upon the delivery of the new vessels, the addition to Nakilat's ever-expanding fleet not only signifies an increase in capacity and flexibility for its esteemed customers, but also reinforces the company's pioneering role in the energy transportation sector.
In line with commitment to providing the best practices in investor relations and its strategy to engage shareholders and investors, the Company will hold an investor relations conference call to discuss the financial results for the first quarter of 2024: on Monday, 29 April 2024 at 01:30 pm (Doha time).
The conference presentation will be published on the Company's website prior to the conference call.
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