Qatar-based shipping company Nakilat reported a 9 percent profit increase for the first half of this year. 

The company’s net profit stood at QAR 445 million (USD 122.2 million) in H1 2018, compared to QAR 409 million seen in the corresponding period a year earlier. 

As explained, the financial results are a reflection of the company’s secured long-term agreements which have enabled Nakilat to maintain a steady cash flow. Nakilat said that its cost optimization strategy and initiatives, as well as periodic repayment of loan principals, have resulted in reduced financing costs and enhanced efficiencies across its operations.

Despite the challenging market conditions in the maritime sector, Nakilat continued to pursue its long-term strategic goals through the expansion of its fleet with two additional LNG carriers earlier this year.

What is more, the company acquired a major stake in its first floating storage regasification unit (FSRU). This is in line with the company’s plan to diversify and grow its business portfolio.

Commenting on the company’s results, Abdullah Al Sulaiti, Nakilat Chief Executive Officer, said: “The diversification of our fleet through the acquisition of our first FSRU paves a new business avenue for Nakilat to expand our outreach to developing and emerging markets, thereby enabling us to sustain our long-term growth and development strategies.”

“While we remain focused on achieving our strategic goals, we are also continually assessing the market and our current investments in relation to profitability to address any risk involved for the company and our shareholders,” Al Sulaiti added.

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