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Nakilat Q3 profit jumps 50.4pc to $47 million

Doha, October 13, 2010

Third quarter profit at Qatar Gas Transport (Nakilat), the world's largest shipper of liquefied natural gas (LNG), soared 50.4 per cent on Wednesday but still trailed analysts' forecasts as it ramps up delivery capacity.

Profit at Nakilat, which carries LNG to countries as far afield as China, Spain and the United States, rose to QR172.2 million ($47 million), according to Reuters calculations, up from 114.5 million a year earlier.

Nomura International forecast an average quarterly profit of 182 million riyals, and EFG Hermes predicted 237 million riyals.

The company reported nine-month profit of QR502.1 million, up from QR348.2 million in 2009, while first-half was QR329.9 million.

Nakilat began a $6.8 billion financing programme in 2006 to fund construction of 25 LNG ships at South Korean shipyards.

The company plans to complete a fleet of more than 50 owned and part-owned special LNG carrier vessels this year, giving it over 16 per cent of the world's LNG shipping fleet.

It expects to account for over 30 per cent of global LNG supply by 2011.

The source of the gas is Qatar's North Field, which contains 15 per cent of proven world gas reserves. Qatar has the world's third-largest gas reserves behind Russia and Iran.

Qatar, the world's top LNG exporter, plans to reach capacity to export 77 million tonnes of LNG this year.

Shares of Nakilat traded at QR19.20 on Wednesday before the results were announced. – Reuters

Tags: Doha | profit | Nakilat | Third quarter | Qatar Gas Transport |

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