Steady growth in total income
Nakilat reported total income of QAR 1,222mn in 3Q25, marking a 6% YoY increase. This growth was primarily driven by higher revenue from its wholly owned vessels, supported by increased contributions from shipyard, marine, and agency services.
Net profit remained largely flat
Net profit for 3Q25 stood at QAR 454mn (+2% YoY), with growth remaining minimal. The quarter’s income gains were neutralized mainly by increased total expenses, primarily due to higher operating and maintenance costs for the vessels. This brought 9M25 net profit to clock in at QAR 1,313mn, an increase of 3% YoY.
U-Capital View
Nakilat is poised to benefit from its fleet expansion plan, strategically aligned with QatarEnergy’s North Field development. The addition of new LNG vessels under long-term charter is set to drive sustained revenue and profit growth, with the first vessel scheduled for delivery by late 2026. We have an Accumulate rating on the stock with a target price of QAR 5.3/share.