{"id":84116,"date":"2025-01-30T00:00:00","date_gmt":"2025-01-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2025\/01\/30\/fy-2024-earnings-from-al-seer-marine-and-nakilat\/"},"modified":"2025-01-30T00:00:00","modified_gmt":"2025-01-30T00:00:00","slug":"fy-2024-earnings-from-al-seer-marine-and-nakilat","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2025\/01\/30\/fy-2024-earnings-from-al-seer-marine-and-nakilat\/","title":{"rendered":"FY 2024 earnings from Al Seer Marine and Nakilat"},"content":{"rendered":"

<\/strong>FY 2024 results are trickling in: <\/strong>We have a mixed bag of earnings reports from two regional players this morning, as UAE-based marine services company Al Seer Marine and Qatari shipping and maritime company Nakilat post their FY 2024 earnings results. <\/p>\n

\n

AL SEER MARINE-<\/p>\n

The UAE\u2019s <\/strong>Al Seer Marine recorded losses of <\/strong>AED 1.47<\/strong> bn in 2024<\/strong>, an almost 43% wider loss than the previous<\/a>year<\/a> by our calculation, according to an earnings release (pdf)<\/a>. The UAE-based maritime player's topline, however, increased 4% y-o-y to AED 1.28 bn during the same period, driven by operational expansions and growth. <\/p>\n

Behind the numbers: <\/strong>The firm attributed the boost in revenues to its diversification strategy across several sectors, including operating four new MR tankers in the commercial sector, an increase in services demand in the yacht management sector, and the development of new maintenance and technical support contracts in the tech and defense sectors. <\/p>\n

As for the drop in income<\/strong>, the company said it came mainly from a dip in the fair value through profit or loss (FVTPL) of shares in leading companies listed on ADX due to market fluctuations. <\/p>\n

ICYMI- <\/strong>Al Seer Marine received last month two new MR tankers from K Shipbuilding Korea<\/a> \u2014 the second pair out of six total newbuilds on order \u2014 with the remaining two tankers slated for delivery this month.<\/p>\n

\n

NAKILAT-<\/p>\n

Qatar Gas Transport Company\u2019s (Nakilat) bottomline increased <\/strong>5.1<\/strong>%<\/strong> y-o-y <\/strong>to QAR 1.64 bn <\/strong>in 2024<\/strong>, up from QAR 1.56 bn the year prior, according to its earnings release (<\/a>pdf<\/a>)<\/a>. Its top line dipped about 2.6% y-o-y to 4.53 bn, down from 4.65 bn the prior year. <\/p>\n

Behind the numbers: <\/strong>The firm attributes its topline slight decrease to a fall in income from joint ventures in LNG and LPG, as well as reduced shipyard activity, but that was offset by raised revenue from vessels it wholly owns and lower financing costs for its newbuild program, resulting in a positive bottomline. <\/p>\n

Fleet expansion was a top priority in 2024:<\/strong> The company attributes its success to a program to acquire newbuilds, including an order announced back in January 2024<\/a> for six advanced gas carriers, including two LNG carriers and four LPG\/Ammonia carriers, from Hyundai Samho Heavy Industries. Nakilat also entered into long-term contracts with QatarEnergy to operate and charter nine QC-Max LNG carriers in May<\/a> and to charter 25 conventional LNG carriers back in March<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Earnings from Al Seer Marine and Nakilat<\/p>\n","protected":false},"author":1,"featured_media":84117,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[175],"tags":[174,153,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-qatar","tag-uae","wpautop","entry"],"acf":{"mongo_id":"4ce4c7f0-1e0c-4cf7-8dc4-d7c1cad3804c","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/1\/2281.jpg","photo_position":"above","homepage_title":"","full_issue_title":"FY 2024 earnings from Al Seer Marine and Nakilat","related_issue":[84102],"teaser":"Earnings from Al Seer Marine and Nakilat","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.1e6f9006-dcf2-417d-aa49-84a86ec620b1.mp3"},"yoast_head":"\nFY 2024 earnings from Al Seer Marine and Nakilat - 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