Qatar Gas Transport Company Ltd (NAKILAT) Q.P.S.C., its subsidiaries and associates (“Group”) announced its financial results for the year ended 31 December 2020.
The Group reported a consolidated net profit of QR 1,161 million in 2020, an increase of 15.7%, as compared to QAR 1,003 million for the same period in 2019. For this period, the Board recommends a cash dividend at QAR 0.11 per share.
Even though the global economy and LNG shipping market were impacted by the COVID-19 pandemic for most of 2020, Nakilat continued to demonstrate great resilience as reflected in its operational and financial performance for the year.
The outstanding financial performance in 2020 is a testament to the company’s defensive business model and concerted efforts, which includes the safe completion of the second phase fleet management transition involving 7 LNG carriers, delivery of 2 MEGI LNG newbuilds, as well as the first FSRU transition to NSQL-management.
Nakilat’s resilient business model has allowed it to generate sustainable returns for its long-term shareholders. These accomplishments bear strong testament to our commitment in maintaining our leadership in energy transportation, while simultaneously supporting the country’s position as the top exporter of clean energy worldwide.
2020 key financial highlights for the Group:
• Net profit of QAR 1,161 million, increase by 15.7%
• Revenue of QAR 4,017 million, increase by 3.4 %
• The general and administrative expenses decreased by 28 %
Despite the unique challenges faced by the company with the ongoing global pandemic, the Board of Directors commends Nakilat for continuing to deliver robust financial performance and sustained operational excellence in 2020. With significant accomplishments achieved this past year, the Board acknowledges Nakilat’s efforts in acquiring promising business opportunities in the future and is pleased to recommend a cash dividend at QAR 0.11 per share. All shareholders are invited to the annual general assembly taking place on Tuesday, 2nd March 2021.
H.E. Dr. Mohammed Bin Saleh Al Sada, Chairman of Nakilat’s Board of Directors said: “During this past year, Nakilat, like the rest of the global shipping and maritime industry, has had to navigate unprecedented challenges to its operations due to the COVID-19 global pandemic. However, the company’s solid business continuity plans and infrastructure enabled us to swiftly adapt to the situation and allowed us to remain focused on creating value for our shareholders and customers. Nakilat remained committed in achieving its vision and delivered many noteworthy accomplishments during this challenging year. The company continued to transport clean energy to worldwide destinations safely and reliably without any interruptions, upholding our commitment to operational excellence and customer satisfaction.”
Eng. Abdullah Fadhalah Al Sulaiti, Chief Executive Officer (CEO) of Nakilat said: “Amid the challenging business landscape, Nakilat remained steadfast in executing our long-term strategies, sustaining operational efficiencies while ensuring fiscal discipline across our global shipping and maritime operations. We were able to quickly adapt to the new normal of operating and demonstrated great resilience, as evident from our business and operational accomplishments throughout the year. The company persevered and has managed to sustain its growth momentum while continuing to create value for our shareholders, thanks to the valuable efforts and contributions of our employees and seafarers. We would also like to extend our appreciation to Qatar Petroleum for their support, as well as our 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”.