Doha: Qatari shipping and maritime giant Nakilat has reported a net profit of QR279.5m for the first quarter of the year ended March 31, 2020, which is 18 percent up compared to QR236m registered during the same period in 2019.
Nakilat revenues stood at QR1.022bn for the period, up 13 percent, and also made a remarkable achievement in terms of work efficiency with the general and administrative expenses down by 1.6 percent.
Despite the ongoing challenges of the global COVID-19 pandemic, Nakilat continued to uphold operational excellence in the management of its LNG and Liquefied Petroleum Gas (LPG) vessels and ensured no disruption to its business, demonstrating it strong commitment to safely, reliably and efficiently provide shipping and maritime services. In addition, Nakilat will continue to follow stringent precautionary measures to ensure the safety of its employees considering COVID-19.
Nakilat’s Board of Directors commended the company’s solid financial results and operational performance, which bears testament to its resilience and prudent efforts towards maintaining its leadership in the global energy transportation market, as well as supporting Qatar’s industry-leading position in Liquefied Natural Gas (LNG) exports. Additionally, Nakilat group continued to strengthen its value proposition, with the ship repair, offshore fabrication, towage and other maritime services contributing towards Qatar’s development as a strategic shipping and maritime hub.
The most prominent milestone achieved in the first quarter of 2020 was ensuring the readiness to commence the second phase of its fleet management transition from Shell International Trading and Shipping Company Limited (”Shell”) to our internal ship management for seven additional vessels. Another significant milestone was the successful delivery of major fabrication project comprising an additional living quarters for Qatargas’ North Field Bravo offshore complex. The company’s continued excellence in health, safety and environmental management was also acknowledged by the Board, with Nakilat recently being re-certified for ISO/IEC 27001 (Informational Security Management System), demonstrating its compliance to internationally recognized quality standards. Nakilat also achieved a ‘Five-Star’ grading for the third consecutive year during the Five Star Occupational Health and Safety Audit conducted by British Safety Council (BSC).
Nakilat’s Board of Directors expressed their appreciation to all relevant authorities, including Qatar Petroleum (QP) for its ongoing support of Nakilat’s activities, to QP Industrial Cities for its co-operation with the Erhama Bin Jaber Al Jalahma Shipyard, and our strategic partner Qatargas, in playing a significant role to ensure our robust financial performance.
In-line with Nakilat’s commitment on providing the best practices in investor relations and its strategy to engage shareholders and investors, the company will hold an investor relations conference call to discuss the company’s financial results for the period ending March 31, 2020 on April 21, 2020 (Today) at 13:30 (Doha Time). The conference call presentation will be published on the company’s website on the same day before the conference call.
