Nakilat Quarterly Profit Jumps 42% on Revenue From Own Vessels

Qatar Gas Transport Co., the liquefied natural gas transporter known as Nakilat, increased third-quarter profit by 42 percent as revenue from its wholly owned vessels rose this year and joint-venture income advanced.

Profit attributable to shareholders climbed to 244 million riyals ($67 million) in the quarter from 172 million riyals a year earlier, Bloomberg calculated by subtracting first-half figures from nine-month results released today. Calls to the Doha-based company went unanswered.

Qatar is the world’s largest producer and exporter of LNG, which is gas cooled to a liquid for transport by tanker over distances not covered by pipelines. The 50 percent government- owned shipper last year completed an $11 billion plan to expand its fleet to 54 vessels.

Nakilat’s nine-month profit rose by a quarter to 625 million riyals, according to a statement to the Qatar bourse today. Sales increased 13 percent to 2.6 billion riyals, led by a 13 percent gain in revenue from Nakilat’s own vessels to 2.2 billion riyals, the company said. Its share of profits from joint ventures grew 14 percent to 205.9 million riyals.

Nakilat fell 0.3 percent to 17.1 riyals on the Qatar Exchange at 11:57 a.m. local time. The shares have fallen 15 percent this year, compared with a 3.2 percent decline for the QE Index of Qatari companies.

To contact the reporter on this story: Anthony DiPaola in Dubai at adipaola@bloomberg.net.

To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net.

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