Qatari gas shipowner Nakilat nudged up its first-half profit by 15.6% as it continued to grow its fleet and prune expenses.
The company reported a profit of QAR 635.6m ($174.6m) for the six-month period to the end of June, up on the QAR 549.8m logged in the first half of 2020.
Revenue was almost static, but very slightly down at QAR 2.02bn ($553m) from QAR 2.02bn in the previous year.
During the period, the company transitioned seven LNG carriers to its in-house management, in a second phase of its fleet-management transition.
Nakilat also added two of four ME-GI LNG newbuildings and a first floating storage and regasification unit to its fleet.
The company said it decreased its general and administrative expenses and operational expenses by 18.6% and 2.4%, respectively, during the six months.
It said: “These were accomplished in less than a year and under difficult circumstances facing the shipping industry, with many restrictions in place.”
Nakilat chief executive Abduallah Al Sulaiti said the company’s performance continues to demonstrate “great resilience”.
“Despite the sudden adjustment to enhanced health and safety protocols, Nakilat remained steadfast in executing our strategies, sustaining operational efficiencies while ensuring fiscal discipline across all our shipping and maritime operations,” he said.
“The company persevered and has managed to sustain its growth momentum while continuing to create value for our shareholders, thanks to the valuable efforts and contributions of our employees and seafarers”.
Nakilat operates a fleet of 74 vessels, comprising 69 LNG carriers, four VLGCs and one FSRU.
