Nakilat remains steadfast in the face of challenges

Qatar Gas Transport Company (Nakilat) Chairman Dr. Mohammed bin Saleh Al Sada stated yesterday that Nakilat continued to push boundaries and successfully implemented several long-term growth strategies by strengthening its international presence and diversifying its fleet towards maintaining global leadership in LNG transportation in 2018.

Addressing Nakilat’s Annual General Meeting (AGM), Dr Al Sada said the company expanded its fleet with the addition of two liquefied natural gas (LNG) carriers and acquired a major stake in its first floating storage regasification unit (FSRU). This opened a new horizon and business avenue for Nakilat, allowing it to maximize returns for shareholders while reinforcing its integral role in supporting Qatar’s industry-leading status as the world’s largest exporter of clean energy.

Navigating through the unique challenges brought about by the ongoing blockade of Qatar, as well as the dynamic global energy and maritime market environment, Nakilat continued to deliver all its cargos without any interruptions or impact. Nakilat’s solid foundation and consistent operational efficiency has allowed the company to remain steadfast and resilient, steering forward its vision to be the global leader in LNG transportation whilst contributing towards the development of Qatar’s shipping and maritime industry.

The Chairman said the integrated services of ship repair, offshore construction, ship building, as well as comprehensive maritime services and vessel support to various types of ships in local waters further adds value to its business and contributes towards elevating the country’s maritime industry to greater heights, in alignment with Qatar National Vision 2030.

Nakilat Chief Executive Officer Abdullah Fadhalah Al Sulaiti said: “Nakilat’s strong financial performance bears testament to the company’s prudent long-term growth plans that has enabled it to remain resilient despite challenging the business environment.

The company has successfully capitalized on profitable growth opportunities and pursued sustainable cost optimization initiatives to achieve greater cost efficiency and synergy across the organization, which has enabled us to maintain a steady cashflow. The company achieved strong results which reflected positively on the performance of the share price during the previous period with an increase of 23.7 percent during the period from January 2018 until March 2019, compared to an increase of 13.5 percent in the Qatar Stock Exchange.

“We will continue to steer ahead with our business plans and effective risk management to continue delivering positive value to our shareholders, and towards achieving our vision to be a global leader and provider of choice for energy transportation and maritime services,” the CEO added.