Doha-based Nakilat has revealed impressive financial results for the year ended 31 December 2016, achieving a net profit of QR 955 (US$262.20) million, compared to QR 984 (US$270.20) million in 2015. The company’s board says it is pleased with these “resilient” financial results, despite challenging market conditions, which reflects the strength and stability of the company’s commercial position.
Nakilat’s long-term contracts continue to underpin the company’s financial performance. Given the downturn in market conditions, the company says it is pursuing a prudent and balanced strategy of strengthening its balance sheet, capitalising on profitable business growth, and achieving cost savings.
Nakilat’s vision is to be a global leader and provider of choice for energy transportation and maritime services and this remains a top priority for the company. In particular it aims to maintain its leading market position in the transportation of liquefied natural gas (LNG) and capitalise on future opportunities that may arise. Nakilat’s LNG shipping fleet is the largest in the world, comprising of 63 vessels.
Nakilat also owns and manages four large LPG carriers and operates the ship repair and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan Industrial City via two joint ventures: N-KOM and NDSQ.