Nakilat’s fleet expansion has opened a “new horizon and business avenue” for the company and help it reinforce its integral role in supporting Qatar’s industry-leading status as the world’s largest exporter of clean energy, said chairman HE Dr Mohamed bin Saleh al-Sada.
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), al-Sada said while addressing Nakilat shareholders at the company’s annual general meeting and extraordinary general meeting in Doha on Tuesday.
In 2018, he said “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.”
He reiterated the company’s “commitment to operational excellence”, as evident from the delivery of all cargoes without any interruptions worldwide, despite the challenges brought about by the ongoing unjust blockade imposed on Qatar by neighbouring countries.
In addition, al-Sada said that leveraging on internal synergies of its local joint ventures housed at the world-class Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan gave 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 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.”
During the AGM, the group’s Financial Results were reviewed and approved for the year that ended in December 2018.
Last year, the company achieved a net profit of QR 892mn (or QR1.61 per share), an increase of 5.3%. All items on the agenda were also ratified during the AGM.
The company’s strong results were “reflected positively on the performance” of the share price 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,” al-Sada said.