Nakilat net profit up 8.3% in 2023; revenue hits $1.2bln

PHOTO

Qatar Gas Transport Company (Nakilat) and its joint ventures (the group) have recorded solid results for FY 2023, with a consolidated net profit of QR1.5 billion ($409 million), while its revenue surged by 5.7% to hit QR4.6 billion ($1.2 billion).

Announcing its financial results for the year ended December 31, 2023, Nakilat said the group continues its strong financial performance with a 8.3% jump in profit over the previous year's figure of QR1.43 billion.

This stable increase in profits reflects the company’s efficiency in managing its operations and its ability to capitalize on opportunities that have arisen despite challenges faced in the energy transportation market, it stated.

Impressed with the results, the board of directors has recommended the distribution of cash dividends amounting to QR0.14 per share and the final decision will be taken at its Annual General Assembly Meeting on February 26.

Commenting on the performance, Chairman Abdulaziz Jassim Al Muftah said: "This year has brought about significant changes and challenges to the global shipping market, shaped by global events and geopolitical shifts. Despite these challenges, Nakilat has not only navigated through these complexities but has also emerged stronger, showcasing resilience, innovation, and a commitment to excellence."

"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," noted Al Muftah.

"Nakilat's financial performance in 2023 reflects its commitment to operational excellence and strategic expansion, as this year the company has not only navigated the challenges faced by the sector, but also achieved sustainable growth, reinforcing its position as a key partner in the field of energy transportation and maritime services," he added.

CEO Engineer 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."

"We remain committed to upholding the highest standards ensuring the safety of our global operations, while reinforcing our position as a provider of choice for energy transportation and maritime services, as well as an employer of choicem," he stated.

As Nakilat looks ahead to the future, the CEO expressed confidence in the continued success of the company, underpinned by personnel who are not only skilled and dedicated but also aligned with Nakilat's core values of safety, respect, integrity, passion and encouragement.

On January 9, Nakilat had announced strategic shipping expansion through vessels acquisition. It had placed orders with Hyundai Samho Heavy Industries (HSHI) of South Korea for the construction of six gas vessels (two cutting-edge LNG carriers with a cargo capacity of 174,000 cu m each and four modern LPG/ammonia carriers, with a capacity of up to 88,000 cu m). These modern vessels are set to be delivered between 2026 and 2027.

Upon delivery, 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, said the Qatari gas firm in its statement.

Once these vessels are operational, they will further cement Nakilat’s position as a global leader in the gas shipping industry, it added.-TradeArabia News Service