- Mar 19, 2019
- Energy Global
- Mar 20
Nakilat has held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM), chaired by His Excellency Dr. Mohammed Bin Saleh Al Sada, the Chairman of Nakilat’s Board of Directors.
During the AGM, the group’s financial results were reviewed and approved for the year ended 31 December 2018, of which the company achieved a net profit of QR 892 million in 2018 (or QAR1.61 per share), an increase of 5.3%. All items on the agenda were also ratified during the AGM.
During the meeting, the Chairman of Nakilat’s Board of Directors presented an overview of the company’s activities and financial results for 2018, along with an outlook for 2019. The Chairman highlighted that in 2018, 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. The company expanded its fleet with the addition of two 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 maximise returns for shareholders while reinforcing its integral role in supporting Qatar’s industry-leading status as the world’s largest exporter of clean energy. He also noted the company’s commitment to operational excellence, as evident from the delivery of all cargos without any interruptions worldwide, despite the challenges brought about by the ongoing unjust blockade imposed on Qatar by neighbouring countries.
In addition, the Chairman elaborated that leveraging on internal synergies of its local joint ventures housed at the world-class Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan gives Nakilat an added strategic advantage. 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 Eng. 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 capitalised on profitable growth opportunities and pursued sustainable cost optimisation initiatives to achieve greater cost efficiency and synergy across the organisation, 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% during the period from January 2018 until March 2019, compared to an increase of 13.5% in the Qatar Exchange Index. 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.”
Nakilat’s Board of Directors expressed their appreciation to all relevant authorities, including Qatar Petroleum (QP) for its ongoing support of Nakilat’s activities, and to QP Industrial Cities for its co-operation with the Erhama Bin Jaber Al Jalahma Shipyard. They also extended appreciation to Nakilat’s long-term charterer Qatargas for their continued support towards its operations, as well as partners, shareholders, management and employees for their continued dedication and support in 2018. On a final note, the Board of Directors extended their best wishes to all parties including the new board members elected in 2019.