Nakilat, the world’s largest LNG fleet operator, has seen its first quarter net profit jump almost 20% compared to a year ago.
The Qatari LNG shipping giant posted net income of QAR 382m ($105m) for the three months ended 31 March 2022 versus the QAR 320.1m seen 12 months earlier.
The Doha-based shipowner said the increase was driven by higher revenues and savings in finance charges.
In February, Nakilat topped its record 2020 earnings when it reported an all-time high profit for 2021 of QAR 1.35bn, a year-on-year increase of almost 17%.
Despite the global challenges posed by the Covid-19 pandemic, Nakilat said it “continued to deliver uninterrupted clean energy to the world, through safe, reliable, and efficient shipping and maritime services”.
The company said it also continues to strengthen its value proposition, by offering ship repair, industrial and offshore fabrication, towage, and other maritime services.
Chief executive Abdullah Al Sulaiti said: “We are very pleased to report a stellar earnings result for the first quarter 2022, which reiterates the resilient business model that Nakilat has built over the years.
“Against the current backdrop of global economic environment and the long-term needs for diversified, secure and reliable energy transportation solutions, Nakilat shall continue to grow its assets portfolio and generate sustainable return for its shareholders.”
Nakilat controls a fleet of 74 vessels comprising, 70 LNG carriers — including nine steam-turbine vessels and one floating storage and regasification unit — and four VLGCs.
In January Nakilat said it had teamed up with classification society ABS to map out decarbonisation pathways for its fleet of 69 LNG carriers and four VLGCs.
