Qatari shipping giant Nakilat has improved its earnings in the last quarter largely on the back of savings it has made on internal costs, operating expenses (opex) and lower finance charges.

The company reported a net profit for the July to September period of QAR 1bn ($274.7m), up over 11% on the QAR 900m recorded in the same three months of 2020.

But Nakilat's revenue for the quarter was relatively flat at QAR 3.1bn, increasing only marginally over that recorded for the same period a year earlier.

Only pre-approved investors were invited to the company's results call. But in a presentation on its website Nakilat referred to "stellar profitability results" for the quarter, adding "momentum continues".

The company said its general and administrative costs and opex for the three months fell by 4.8% and 0.9%, respectively, on the back of its streamlining of these business expenses.

Volatile markets

But the company said in its presentation materials: "Nakilat's defensive and solid business model provides the flexibility to navigate sustainably through volatile markets."

Nakilat said its performance was primarily attributed to the implementation of the company's strategic initiatives across all levels, driven by its growth strategy and cost optimisation.

The company added that is has been diversifying its portfolio and expanding its international outreach in response to the greater global demand for clean energy while continuously expanding its shipping management capabilities.

Nakilat chief executive Abdullah Al Sulaiti described the company's financial performance over the last nine months as a testament to the concerted effort of every employee and seafarer on the team.

"It is only through their continued support that we have remained persistent in executing our strategies, sustaining operational efficiencies, and ensured fiscal discipline across all our shipping and maritime operations," he said.

"We are continually assessing new opportunities and emerging risks," Al Sulaiti added.

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.