Nakilat Posts 18.4% Drop in First Half Profit

Qatar Gas Transport Company (Nakilat) has recorded a 18.4% year-on-year decline in profit for the first half ended 30 June 2017.

News ID: 75227

Date: 26 July 2017 - 15:18

The Qatari LNG transport firm posted a six-month profit of QAR408.89m ($111.41m) compared to QAR500.88m in the same period of last year, MANA correspondent reported.

The company attributed the lower profit to a shorter number of charter hire days in the first six months of this year compared to the year-ago period. Nakilat’s fleet comprises of 63 LNG vessels and it owns four large LPG carriers.

Nakilat also attributed the fall in profit to the effect of changing the estimated scrap value of vessels in accordance with applicable International Accounting Standards, and reduced operations of a few joint ventures.

The first half revenue dipped slightly to QAR1.78bn compared to QAR1.84bn in the previous corresponding period.

Nakilat managing director Eng. Abdullah Fadhalah Al Sulaiti said: “Nakilat perseveres despite the current economic environment through its steady growth in all its operations. The first half of 2017 has seen successful transitions of four vessels into Nakilat in-house management, bringing total vessels operated by Nakilat to 16 vessels to date.”

Last week, Nakilat signed a memorandum of understanding with Hoegh LNG, forming a strategic alliance to enter the FSRU space, with Nakilat seeking to grow its presence in the clean energy sector.

Meanwhile, the diplomatic fallout between Qatar and the UAE and other GCC countries that started in early June has not led to severe disruptions to LNG trade and shipping, as exports of LNG from Qatar to major markets in Asia and Europe have seen little or no impact.