Page 8 - DMEA Week 42 2022

DMEA COMPANIES DMEA

Nakilat reports net profits,

revenues up in Q3-2022

MIDDLE EAST NAKILAT, the Qatari LNG shipping company,
has reported that its net profits and revenues
went up in the third quarter of 2022.
In a statement, the company said it had
earned a net profit of QAR1.13bn ($310.4mn)
between July and September of this year, up by
13.2% on the figure of QAR1bn ($274.7mn)
posted in the same period of 2021. It also said
its revenues had amounted to QAR3.26bn
($895.4mn) in the third quarter, a 6.3% year-
on-year rise on the figure of QAR3.07bn
($843.2mn) posted in the same interval of last
year.
Nakilat attributed the rise in rise in The company’s LNG transport JVs were more profitable in Q3-2022 (Photo: Nakilat)
third-quarter profits to higher revenues, which
were offset by increased finance charges. In $217,000 per day during the same period, up by
turn, it said, revenues went up between July and 58% y/y.
September because of improvements in the per- The statement did not comment on the rea-
formance of joint ventures. More specifically, it sons for the increase in LNG tanker rates, but it
noted that its joint ventures in the area of LNG is logical to assume that the company has ben-
transportation and shipyard operations had efited from shifts in the European natural gas
seen profits rise by 47.2% y/y. market.
With respect to LNG transportation, the The Continent has traditionally been
company pointed to higher rates for LNG tank- dependent on Russia for 25-40% of its total gas
ers. Citing data from Clarksons, it noted that supplies, but Russian deliveries have dropped
spot LNG rates for 160,000-cubic metre DFDE significantly since the outbreak of war in
(dual fuel-diesel electric) vessels had climbed to Ukraine in late February. Consequently, many
$84,000 per day in the third quarter, up by 35% European countries have been working to
y/y, while rates for ME-GI (M-type, Electroni- diversify their gas supply sources and have been
cally Controlled, Gas Injection) vessels rose to importing more LNG. ™

Net profits, revenues rise for Saudi

petchem maker Sipchem in 9M-2022

MIDDLE EAST SAUDI Arabia-based Sahara International Pet- Sipchem, which is listed on the Tadawul and
rochemical Co. (Sipchem) saw its net profits and included in the MSCI Emerging Markets Index,
revenues rise in the first nine months of 2022. went up to SAR4.3 ($1.14) for the January-Sep-
In an interim report released on October 18, tember interval, compared to SAR3.12 ($0.83)
the company said it had earned a net profit of in the same period of last year.
SAR3.116bn ($829.61mn) after zakat and tax Sipchem also noted that it had earned a net
in the January-September period, up by 37.23% profit of SAR774.7mn ($206.26mn) after zakat
on the figure of SAR2.27bn ($604.4mn) posted and tax in the third quarter of 2022, down by
in the same interval of 2021. It also said its rev- 38.69% on the figure of SAR1.26bn ($335.5mn)
enues had come to SAR8.541bn ($2.274bn) in posted in the same interval of 2021. It also stated
the nine-month period, up by 23.8% y/y on the that its revenues had amounted to SAR2.93bn
figure of SAR6.89bn ($1.834bn) posted in the ($780.1mn) in the July-September period,
same interval of 2021. up by 17.29% y/y on the figure of SAR2.5bn
Meanwhile, earnings per share (EPS) for ($665.6mn) posted in the same interval of 2021.

P8 www. NEWSBASE .com Week 42 20•October•2022