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Mon 17 Oct 2016 12:44 PM

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Qatar's Nakilat posts $205m profit for Q3

Liquefied natural gas shipper says profits strong despite fluctuating oil and gas prices

Qatar's Nakilat posts $205m profit for Q3

Qatar Gas Transport Co (Nakilat), one of the world's largest shippers of liquefied natural gas, has posted a net profit of QR749 ($205 million) for the third quarter of 2016 ending September 30.

Net profit dropped slightly from QR757 million ($207.8 million) over the same period last year, Nakilat said.

The company’s board of directors cited strategic long-term charters for its LNG vessels, and strong liquefied petroleum gas (LPG) vessel performance, as factors contributing to healthy profits.

These two factors have together ensured “continuing strong financial profitability” despite challenging market conditions of fluctuating oil and gas prices and a slowdown in ship repair and building activities.

Nakilat managing director Abdullah Fadhalah Al Sulaiti said: “Nakilat’s resilient financial performance, despite the current economic climate, is attributed to the prudence and effectiveness of our long-term business strategies.

“We are actively seeking out new business opportunities to grow our business portfolio and maximise returns for our shareholders. Our joint ventures continue to add value to our operations.”

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