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Tribune News Network
Doha
Qatar Gas Transport Company (Nakilat) on Sunday announced that the Group reported a consolidated net profit of QR1.161 billion in 2020, an increase of 15.7 percent as compared to QR1.003 billion in 2019. The company’s board of directors has recommended a cash dividend at QR 0.11 per share.
The company’s revenue stood at QR4.017 billion in 2020, an increase of 3.4 percent compared to the previous year. The company’s general and administrative expenses decreased 28 percent.
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 include the safe completion of the second phase fleet management transition involving seven LNG carriers, delivery of two MEGI LNG new-builds, 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.
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, 2021,” the company said in a statement.
Commenting on the results, Nakilat Chairman 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.”
Nakilat Chief Executive Officer Abdullah Fadhalah Al Sulaiti 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 managed to sustain its growth momentum while continuing to create value for our shareholders. Qatar Petroleum as well as our strategic partner Qatargas played a significant role to ensure our robust financial performance,” he said.
Doha
Qatar Gas Transport Company (Nakilat) on Sunday announced that the Group reported a consolidated net profit of QR1.161 billion in 2020, an increase of 15.7 percent as compared to QR1.003 billion in 2019. The company’s board of directors has recommended a cash dividend at QR 0.11 per share.
The company’s revenue stood at QR4.017 billion in 2020, an increase of 3.4 percent compared to the previous year. The company’s general and administrative expenses decreased 28 percent.
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 include the safe completion of the second phase fleet management transition involving seven LNG carriers, delivery of two MEGI LNG new-builds, 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.
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, 2021,” the company said in a statement.
Commenting on the results, Nakilat Chairman 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.”
Nakilat Chief Executive Officer Abdullah Fadhalah Al Sulaiti 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 managed to sustain its growth momentum while continuing to create value for our shareholders. Qatar Petroleum as well as our strategic partner Qatargas played a significant role to ensure our robust financial performance,” he said.
