Nakilat sees robust growth, posts net profit of QR900m in Q3 2020

Doha: Qatari shipping and maritime company Nakilat has posted a net profit of QR900m for the third quarter ended September 30, 2020 (Q3 2020), registering a significant increase of 23.6 percent compared to QR728m reported for the corresponding period last year (Q3 2019).The revenue of the company reached QR3.065bn, recording an increase of 12.2 percent compared to the same period in 2019.Nakilat’s Board of Directors 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 optimization. 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. Whilst the entire industry is challenged by the ongoing global pandemic, Nakilat’s defensive business model has allowed the company to navigate smoothly with the required flexibility to continue to deliver clean energy worldwide reliably, ensuring no disruption to its business. Nakilat remains committed to generating sustainable returns to its shareholders. 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 is primarily attributed to operational excellence in the management of its Liq....

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