Nakilat posts 2017 profit

nakilat

Nakilat posted a net profit of QR847mn in 2017, the company said. The company’s earnings per share stood at QR1.53.

Nakilat’s board of directors recommended distributing cash dividends to the shareholders equal to 10% of the nominal value of its capital, which is equivalent to QR1 per share.

During the year, Nakilat successfully deployed the company’s strategic plans towards maintaining its global leadership in LNG transportation and the integral role it plays in Qatar’s LNG supply chain.

Despite the challenges facing the energy and maritime industry, the company managed to achieve positive results across its operations that exceeded planned expectations in 2017 through enhanced operational efficiency and a reduction in general, administrative expenses and finance costs.

Additionally, the net profit achieved in the fourth quarter of 2017 was higher than that achieved in the third quarter and fourth quarter of 2016, by 21% and 16% respectively.

Global agencies continued to rate Nakilat highly during rating affirmations processes last year, and had attributed the company’s success to its resilience to market volatility as well as its consistent and reliable record for operating LNG vessels.

Nakilat’s board of directors commended the company’s steady financial results notwithstanding the challenging business environment, a reflection of the company’s strength and resilience. Complemented by strategic long-term agreements with well-established charterers, Nakilat has managed to maintain steady cashflow and generate positive value for our shareholders. Given the volatile market conditions, the company has embarked on cost optimisation initiatives, capitalising on profitable business growth, and achieving cost savings.

Nakilat continues to explore and capitalise on different business opportunities and mitigating business risks to strengthen the company’s international position as a global leader in the LNG shipping industry.

The board of directors also recognised Nakilat’s efforts at attracting Qatari nationals to undertake various roles in the maritime industry which resulted in the achievement of the ‘award for supporting Qatarisation’ at the Energy and Industry Sector’s Annual Qatarisation Review Meeting 2017.

The board of directors has decided to convene the annual general meeting on March 20.

[gulfnews]

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