Qatar’s Nakilat, the world’s largest liquefied natural gas (LNG) shipping company, reported a 5.3 percent rise in its net profit for the year 2018.

Nakilat said its 2018 net profit reached 892 million Qatari Riyals ($245 million) which compares to 847 million Qatari Riyals in 2017.

The LNG shipping giant with a fleet of 70 vessels noted that drivers of the company’s stronger financial performance were “the successful implementation of its strategic long-term plans to diversify and seek new business opportunities with measured balanced risk.”

During the year, Nakilat expanded its fleet with the addition of two LNG carriers and acquired a major stake in its first floating storage regasification unit (FSRU).

“This opened a new horizon and business avenue for the company to grow its international outreach, which in turn will further maximize value and returns for its shareholders,” the company’s statement reads.