Qatar Gas Transport Company Ltd (NAKILAT) Q.P.S.C., its subsidiaries and associates announced its financial results for the year ended 31 December 2019.
The Group reported a consolidated net profit of QR 1,003 million in 2019, an increase of 12.4%, as compared to QAR 892 million for the same period in 2018. For this period, the Board recommends a cash dividend at QAR 0.10 per share.
The company’s robust financial performance is primarily attributed to operational excellence in the management of its Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG) vessels, as well as realizing additional revenues from the two additional LNG carriers, one Floating Storage Regasification Unit (FSRU) acquired in 2018 and the strategic acquisition of the remaining 49.9% of four Q-Flexs on October 2019. Nakilat’s emphasis on cost optimization efforts and increasing efficiencies through various rationalization activities as well as process enhancements, ensure that the company remains competitive within the global energy transportation market while sustaining healthy cashflow and generating steady returns for our shareholders.
2019 key financial highlights for the Group:
• Net profit of QAR 1,003 million, increase by 12.4%
• Revenue of QAR 3,883 million, increase by 6.8%
• The general and administrative expenses decreased by 3.2%
• Total assets including its share in all its joint venture assets was more than QAR 55.5 billion, including the QAR 10.6 billion world-class Erhama Bin Jaber Al Jalahma Shipyard fully operated and managed by Nakilat joint venture companies
The Board of Directors of Nakilat applauded the Group for sustaining its robust financial performance and operational excellence throughout the financial period. This excellent result was due to the company’s commitment to its operational growth strategy, enabling investments in substantial business opportunities over the past two years. The Board acknowledges Nakilat’s efforts in acquiring promising business opportunities in the future and is pleased to recommend a cash dividend at QAR 0.10 per share. All shareholders are invited to the annual general assembly taking place on Tuesday, 10th March 2020.
H.E. Dr. Mohammed Bin Saleh Al Sada, Chairman of Nakilat’s Board of Directors said: “This past year unfolded many noteworthy accomplishments; hence the Board would like to begin by commending Nakilat for its persistence in pushing the boundaries towards the achievement of its vision. Nakilat has come a long way in its brief 15-year operating history to become a formidable global shipping and maritime company. Bolstered by more favourable market conditions and our own implementation of business diversification and resource optimization strategies, we have stayed true to our mission to create value for our shareholders while elevating the business to new heights.”
Eng. Abdullah Fadhalah Al Sulaiti, Chief Executive Officer (CEO) of Nakilat said: “The result of our efforts is clearly tangible from our stellar financial performance in 2019, thanks to our employees and seafarers’ valuable efforts and contributions towards this accomplishment. The company continued its impressive momentum of growth and expansion across all fronts, in preparation for additional shipping capacity to meet the growing international demand for clean energy. Nakilat persevered and emerged even stronger, pursuing operational excellence, diversifying portfolios, solidifying internal capabilities, strengthening international presence and aggressively implement strategic long-term growth strategies. We would also like to extend our appreciation to Qatar Petroleum for its support, as well as strategic partner Qatargas in playing a significant role to ensure our robust financial performance. Such synergies help drive the company’s vision to be a global leader and provider of choice for energy transportation and maritime services”.