Doha-listed LNG and LPG carrier owner Nakilat has recorded its highest profit in its 15-year history on the back of a growing fleet and its shipmanagement efforts, the company said.

Nakilat — which trades under its full name Qatar Gas Transport Co — reported a 12.4% jump in net profit for the 2019 financial year.

Its net result was QAR 1.3bn ($357m), up from the QAR 892m logged in the previous 12 months.

Revenue for 2019 was up 6.8% at QAR 3.9bn.

Nakilat described its financial performance as "robust", attributing the rise in returns to what it said was the "operational excellence" of its LNG and LPG shipmanagement and to additional revenues brought in by vessels it has acquired.

The company has taken on two LNG carriers in its joint venture with John Angelicoussis' Maran Gas Maritime; bought in to an Excelerate Energy floating storage and regasfication unit in 2018, and acquired the remaining 49.9% of four Q-Flex vessels from International Seaways in October.

Management comments

Nakilat said it had been focusing on cost optimisation and increasing efficiencies to ensure it remains competitive in the global markets.

Nakilat chairman Mohammed Al Sada said Nakilat has come a long way in its 15-year operating history to become "a formidable global shipping and maritime company".

Chief executive Abdullah Al Sulaiti described 2019's results as "stellar", saying the company had continued its momentum of growth and expansion across all fronts, in preparation for additional shipping capacity to meet the growing international demand for clean energy.

Nakilat valued its total assets at QAR 55.5bn, including the QAR 10.6bn Erhama Bin Jaber Al Jalahma Shipyard, which it operates and manages under the N-KOM joint venture with Singapore's Keppel Offshore & Marine.

The company operates a 74-ship fleet comprising 69 LNG carriers — including four newbuildings, four LPG carriers and one FSRU.

Nakilat's board recommended a cash dividend at QAR 0.10 per share.