Qatar Gas Transport Company Ltd (Nakilat), its subsidiaries and associates (‘Group’) reported yesterday a consolidated net profit of QR1.161bn for the year ended 2020, an increase of 15.7 percent, compared to QR1.003bn for the same period in 2019. For this period, the Board has recommended a cash dividend at QR0.11 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.
The Group’s revenue reached QR4.017bn, registering an increase of 3.4 percent while the general and administrative expenses decreased by 28 percent.
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 QR0.11 per share. All shareholders are invited to the annual general assembly taking place on March 2.
Chairman of Nakilat Board of Directors, H E Dr. Mohammed bin Saleh Al Sada, 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.” P4
