Nakilat has earned a net profit of QAR 1.56bn ($395m) for its 2023 financial year.
The Doha-listed gas shipping giant said its net profit increased by 8.3% over its 2022 earnings despite challenges arising from geopolitical dynamics that continued to impact global energy markets.
The company said it earned QAR 4.65m in revenue during 2023, reflecting an increase of 5.7% over revenue earned in 2022.
“This year has brought about significant changes and challenges to the global shipping market, shaped by global events and geopolitical shifts. Despite these challenges, Nakilat has not only navigated through these complexities but has also emerged stronger, showcasing resilience, innovation and a commitment to excellence,” Nakilat chairman Abdulaziz Jassim Al-Muftah said.
“As geopolitical dynamics continue to impact global energy markets, Nakilat remains steadfast in adapting to these changes. We recognise the importance of staying agile in the face of uncertainties and are committed to overcoming challenges by leveraging our expertise and strategic partnerships with a forward-looking approach,” he added.
Last year saw Nakilat kick off a $1bn fleet expansion plan that began with orders placed for two 174,000-cbm LNG carriers at Hyundai Samho Heavy Industries.
An order for four 88,000-cbm very large ammonia carriers was placed at the South Korean shipbuilder in early January.
These six newbuildings are set to be delivered between 2026 and 2027.
Nakilat’s shipping fleet is one of the largest in the world, comprising of 69 LNG carriers, four large LPG carriers and a floating storage and regasification unit.
The company also operates the ship repair, industrial and offshore fabrication facilities at Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan Industrial City via strategic joint ventures Qatar Shipyard Technology Solutions, which rebranded from N-KOM in December 2023, and QFAB.
