Nakilat Says Lower Nine-Month Profits Down to Lower Number of Charter Hire Days

Nakilat concluded its financial results for the nine-month period ended 30 September 2017, with a net profit of QR 607 million compared to QR 749 million of the same period last year in 2016.

The lower profit was mainly attributed to the effect of changing the estimated scrap value of vessels in accordance with applicable International Accounting Standards and the lower number of charter hire days in the current period compared to the same period last year (2016 was a leap year). On the other hand, the company effectively maintained its operating expenses and reduced its finance costs due to timely repayment of the periodic loan instalments.

The Board of Directors noted that Nakilat’s strategic long-term charters for its LNG vessels have ensured a stable business profile. The Board also reaffirmed their steadfast commitment to Nakilat’s growth and development strategy, in line with Qatar’s National vision 2030. The Company’s prudent and effective strategic planning is well reflected in its successful completion of the first phase of fleet management transition. This along with the agreement signed with Hoegh LNG to collaborate on exploring opportunities within the FSRU market, further solidifies Nakilat’s position as a global leader in energy transportation and maritime services.

Nakilat Chief Executive Officer (CEO) Eng. Abdullah Fadhalah Al Sulaiti said, “We are constantly exploring and capitalizing on various strategic business opportunities to diversify our business portfolio and align with our vision to be a provider of choice for energy transportation and maritime services. Our strategic growth is sustained through our dedicated workforce who continuously strive towards excellence, without compromising safety in our daily operations. We remain committed to our mission of seeking more opportunities for further growth and for the benefit of our shareholders”.