Qatar’s Nakilat group has announced financial results for the first quarter of the year, recording a net profit of QR 191 million compared to QR 240 million during the same period of last year. The lower profit is attributed to the effect of reducing the estimated scrap value of the group’s vessels in accordance with applicable International Accounting Standards, as well as reduced operational activity of some joint ventures, due to the current economic conditions in the global market.
Nakilat has maintained a stable underlying operational performance, with steady cash flow based on strategic long-term charter agreements with financially strong charterers. This has ensured that its core gas transportation business remains buoyant.
Nakilat has expanded its operations by taking under its own managed two vessels during the first quarter. This has taken the total number of vessels operated by Nakilat to 14 to date.