Nakilat Reports Earnings for H1 of 2017

Doha, July 24 (QNA) - Nakilat reported Monday its financial results for the first half of 2017, with net profits coming in at QR409 million compared to QR501 million reported during the same period of 2016. The company said in a statement released to the press today that The lower profit was mainly attributed to the lower number of charter hire days in the current period compared to the same period last year (2016 was a leap year), the effect of changing the estimated scrap value of vessels in accordance with applicable International Accounting Standards and the reduced operations of a few joint ventures. Nakilat Managing Director Abdullah Fadhalah Al Sulaiti said, "Nakilat perseveres despite the current economic environment through its steady growth in all its operations. The first half of 2017 has seen successful transitions of four vessels into Nakilat in-house management, bringing total vessels operated by Nakilat to 16 vessels to date." He added that the company is very vigilant in assessing current investments in relation to profitability, in order to address any risk involved for the company as it moves closer to realizing its vision of becoming a global leader and provider of choice for energy transportation and maritime services. The company signed recently a Memorandum of Understanding (MoU) with Hoegh LNG, forming a strategic alliance to explore Floating Storage and Regasification Unit (FSRU) project. This collaboration is a strategic move for Nakilat as it seeks to benefit from this technology in order to increase glean energy resources globally and enhance the development of an integrated maritime industry in Qatar. (QNA)