Nakilat on Sunday reported more than 5% year-on-year growth in net profit to QR892mn in 2018 (or QR1.61 per share).
Excluding the 2017 one-off item (available for sale investments), the company’s 2018 net profit had seen a 14% growth.
The board has recommended a cash dividend of QR1 per share to be approved by shareholders at the annual general assembly scheduled on March 19.
The key drivers of the company’s stronger financial performance were the successful implementation of its strategic long-term plans to diversify and seek new business opportunities with measured balanced risk, a company spokesman said.
In addition, the company achieved positive results across its operations that exceeded planned expectations in 2018 through enhanced operational efficiency and cost effectiveness, which further solidifies Nakilat’s position as a global leader in energy transportation and maritime services.
During 2018, Nakilat 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 it to grow its international outreach, which in turn will further maximise value and returns for its shareholders.
The company’s effective expansions successfully contributed to enhancing operational excellence and are well reflected in its outstanding financial results, the spokesman said.
Complemented by strategic long-term agreements with well-established charterers and its own determination to operate sustainably, Nakilat has managed to maintain steady cash-flow and generate positive value for its shareholders.
The board also noted the company’s continued excellence in health, safety and environmental management, with a higher benchmarked average safety record compared to other companies operating in the same industry. Nakilat’s commitment to cybersecurity compliance was also highlighted as the company takes necessary measures to ensure the reliability of its operations and business continuity.