Qatar Gas Transport Company (Nakilat) has reported a consolidated net profit of QR1,161 mill in 2020, an increase of 15.7%, compared to QAR1,003 mill reported for 2019.
As a result, the Board recommended a cash dividend at QAR0.11 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, it claimed.
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 seven LNGCs, delivery of two MEGI LNGC newbuilds, as well as the first FSRU transition to NSQL shipmanagement.
Key 2020 financial highlights:
• Net profit of QAR1,161 mill, an increase of 15.7%.
• Revenue of QAR4,017 mill, an increase of 3.4%.
• General and administrative expenses decreased by 28%.
HE Dr Mohammed Bin Saleh Al Sada, Nakilat’s Board Chairman, 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,” he said.
CEO Eng Abdullah Fadhalah Al Sulaiti, added: “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,” he said.