Qatar’s Nakilat reports growth in net income: Qatari liquified natural gas (LNG) shipping company Nakilat, reported a 3.6% y-o-y rise in net income to QAR 396 in 1Q 2023, according to the company’s earnings release (pdf). Total revenues for the quarter rose 5.3% y-o-y to QAR 1.12 bn, according to the company’s unaudited financial statements (pdf).

Net income was boosted by growing demand + effective cost management…: The company attributed the increase in net income to the company’s “continued focus on operational efficiency, effective cost management, and robust market demand for its LNG shipping services.” The financial statements also show a 7.9% boost in income from joint venture operations to reach QAR 171 mn during the quarter. Sales from the company’s fully-owned ships also garnered QAR 878 mn in 1Q, an increase of a little under 1% y-o-y.

…which helped offset the rise in operating expenses: Operating expenses rose 5% y-o-y to QAR 194 mn during the quarter, according to the company’s financials.

Tags: