Nakilat’s 1Q 2024 bottomline jumps 6.1% y-o-y to QAR 420 mn

Qatar’s Nakilat reports growth in revenues: Qatari liquified natural gas (LNG) shipping company Nakilat reported a 6.1% y-o-y rise in net income to QAR 420 mn (USD 115.37 mn) in 1Q 2024, according to a financial statement (pdf). Total revenues for the quarter inched up 1.2% y-o-y to QAR 1.13 bn.

The improved performance was underpinned by a boost in revenue and falling expenses, according to the company’s financial presentation (pdf). An increase in revenues from LNG operations and LNG joint ventures, as well as higher interest income, shored up total revenues. At the same time, expenses for the quarter saw a 1.4% y-o-y fall to QAR 714 mn on the back of lower finance charges.

2024 highlights so far: Nakilat inked a time-charter party agreement with QatarEnergy back in March for the operation of 25 conventional size LNG vessels as part of the second ship-owner tender under QatarEnergy’s LNG Fleet Expansion program. Hyundai Heavy Industries will construct 17 of the vessels, while the other eight will be built by Hanwha Ocean. The company also placed a new order for six new advanced gas vessels from Hyundai Samho Heavy Industries in January. Credit rating agency Moody’s also upgraded Nakilat’s credit rating earlier this year.