Doha-based LNG carrier Nakilat’s net income rose 4.8% y-o-y to QAR 1.19 bn (USD 327 mn) bottomline in 3Q 2023, according to its earnings release. The company’s topline for 3Q 2023 rose 6.5% y-o-y to top QAR 3.47 bn, driven by robust earnings from LNG, LPG, and shipyard joint ventures, in addition to greater portfolio earnings due to higher interest rates on term deposits, according to an investor presentation (pdf).

Higher finance charges offset some of the gains in revenue: Nakilat’s total expenses for the quarter grew 7.4% when compared to the same period last year. Finance charges saw greater increase than any other expense category at 10.3% y-o-y, due to higher interest rates and scheduled repayments of loans, the investor presentation showed.

Looking ahead: “As the global demand for clean energy shipping capacities continues to rise, Nakilat remains fully committed to meeting the long-term requirements for secure and reliable energy transportation solutions, through remaining agile and proactive in addressing emerging challenges and [prospects] worldwide,” Nakilat CEO Abdullah Al Sulaiti said.

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