Nakilat reports robust 3Q20 financial results
Nakilat has reported a net profit of QR 900 million for its financial results for the third quarter (3Q20) which ended on 30 September 2020, an increase of 23.6% compared to QR 728 million during the same period in 2019.
Key financial highlights from 3Q20
- Net profit of QAR 900 million, increase by 23.6%.
- Revenue of QAR 3,065 million, increase by 12.2%.
- General and administrative expenses reduction by 18.7%.
Nakilat’s Board of Directors has commended the company’s solid earnings results, which are primarily attributed to the implementation of the company’s strategic initiatives across all levels, driven by the company’s growth strategy and cost optimisation. In addition, the board highlighted that the financial and operational performance results are a testament to Nakilat’s perseverance and resilience towards maintaining its leadership in the global energy transportation market.
According to a company statement, whilst the entire industry is challenged by the ongoing global pandemic, Nakilat’s defensive business model has allowed it to navigate smoothly with the required flexibility to continue to deliver clean energy worldwide reliably, ensuring no disruption to its business. In addition, the company’s ship repair, offshore fabrication, towage and shipping agency businesses remained fully operational throughout this period.
The company’s robust financial performance has been primarily attributed to operational excellence in the management of its LNG and LPG vessels, as well as the ....