Qatari shipping and maritime company Nakilat saw its bottom line grow 7.2% y-o-y to QAR 1.28 bn (c. USD 351.6 mn) in 3Q 2024, according to a press release. The shipping firm’s revenues dipped 0.4% y-o-y to QAR 3.29 bn, driven by lower income from joint venture shipyard and LNG vessels, but this was offset by higher results from wholly owned vessels, lower depreciation, and lower finance costs, according to the company’s IR presentation (pdf).

Expanding its portfolio: The firm attributed its performance to efforts to boost operational efficiency, including forging strategic partnerships and fleet modernization. Nakilat has been working on expanding its fleet, placing a new order back in January for six advanced gas vessels from Hyundai Samho Heavy Industries. The firm’s fleet will reach 114 ships upon delivery of the ships on-order. QatarEnergy and Nakilat also inked a time-charter party agreement in March for the operation of 25 conventional size LNG vessels as part of the second ship-owner tender under QatarEnergy’s LNG Fleet Expansion program. They also inked a long-term agreement in May to charter and operate nine QC-Max LNG ships.

On a roll: Nakilat saw a 7% y-o-y increase in its bottom line to QAR 829 mn in 1H 2024 while bringing in QAR 2.29 bn in revenues in the same period.

What’s next? Nakilat said it intends to snap up an additional 20% stake in Qatar Shipyard Technology Solutions last June. The development comes after Nakilat’s partner in the JV, KSI Investments Limited, expressed willingness to exit the investment and offload its stakes. Nakilat currently holds majority voting rights and a 79% share in the JV, and has expressed willingness to uptake KSI’s minority stake.

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