Doha-based Nakilat has announced financial results for the first quarter ending March 31st 2021 which show the Qatari shipping group turning in a net profit of QR 320.1 million, compared to QR 279.5 million during the same period in 2020, an increase of 14.5%. Revenues were down slightly, by 1.4%. However, this was offset by reduced operational and administrative expenses.
The company is optimistic about continued growth in 2021, despite charter rates likely to be volatile. Hani Abuaker, Chief Financial Officer, said, “The unique tailwinds in the global LNG industry provide a strong outlook for our shipping business in 2021 and beyond. We expect to see another successful year for Nakilat due to the management’s focus on expanding its core LNG shipping business and streamlining its operating expenses.”
Currently the company operates 72 vessels including 69 LNG carriers. Two newbuildings are still on order and one of these is due to join the fleet in the second half of 2021. This will be placed under Nakilat’s commercial and technical management.