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Lithuania-headquartered KN has reported that a ‘growing demand for liquid energy terminal services’ and ‘high volumes of LNG terminal operations’ contributed to its ‘robust financial performance’ in the first half of 2023.

Over the six-month period, KN generated revenues of €42.4 million, which was up 18% on H1 2022. The group posted a net profit of €8.1 million, which it hailed as a ‘significant improvement’ compared to the loss of €13.8 million incurred a year ago.

KN’s CEO Darius Šilenskis commented: ‘We are delighted with the strong performance of our liquid energy products and commercial LNG operations in the first half of the year, both of which experienced growth in EBITDA and profit. The results for this period reflect our enduring commitment to transforming the company — ensuring control of energy costs, reducing operational emissions, and fostering a diversified portfolio of activities in the liquid energy terminals. Furthermore, our efforts over the past few years in developing our international LNG business are already yielding tangible results and contributing positively to the company's profit.’

KN’s Klaipėda LNG terminal achieved regasification and reloading volumes of 17.3 TWh during the first half of 2023, which is a 32% year-on-year (y-o-y) increase. Around 87% of the natural gas transported to Lithuania was imported through the Klaipėda LNG terminal.

KN currently operates three liquid energy product terminals in Lithuania and is the operator of LNG terminals in Lithuania and Brazil. The company also provides commercial operation services for two floating LNG terminals in Germany.

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