Nakilat holds Annual General Meeting for Shareholders
2 March 2021
Nakilat held its Annual General Meeting (AGM) today, chaired by His Excellency Dr. Mohammed bin Saleh Al Sada, the Chairman of Nakilat’s Board of Directors. During the AGM held electronically using Zoom application platform, the Group reported a consolidated net profit of QR 1,161 million in 2020, an increase of 15.7%. 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 2020. The Chairman highlighted that the company had to navigate unprecedented challenges to its operations during the past year, brought about by the COVID-19 global pandemic. Despite this, Nakilat remained committed in achieving its vision and continued to deliver robust financial performance and sustained operational excellence.
Nakilat maintained its track record of delivering clean energy to worldwide destinations without any interruptions, upholding its commitment to provide safe, reliable, and efficient shipping and maritime services. The company’s solid business continuity plans and infrastructure enabled it to swiftly adapt to the situation and remain focused on creating value for its shareholders and customers.
The safe completion of the second phase of Nakilat’s fleet management transition involving seven LNG carriers, delivery of a MEGI LNG newbuild, as well as the first FSRU transition to NSQL-management, were all accomplished within less than a year and under trying circumstances with many restrictions in place. These achievements bear strong testament to the company’s commitment in maintaining leadership in energy transportation, while simultaneously supporting the country’s position as the top exporter of clean energy worldwide.
In addition, the Chairman highlighted the continued contribution of the local joint ventures at the Erhama Bin Jaber Al Jalahma Shipyard towards the development of the energy sector’s supply chain, with the successful completion of a major offshore fabrication project for Qatargas’ North Field Bravo (NFB) project delivered in early 2020. The project bore great significance as it was the first major offshore living quarters structure to be fabricated completely at a local yard in the country. This is a testament to the company’s capabilities in supporting the increasing demand for the construction of offshore and onshore structures in Qatar, and by extension, the country’s efforts at localization.
Nakilat Chief Executive Officer Eng. Abdullah Fadhalah Al Sulaiti said: “Nakilat continued to demonstrate great resilience, as reflected in our operational and financial performance for the year. Our outstanding financial performance in 2020 is a testament to our concerted efforts. Despite the sudden adjustment to enhanced health and safety protocols, Nakilat managed to ensure seamless continuity of its operations, primarily due to the company-wide digital transformation that had taken place over the past few years. We have done significant upgrades to our digital infrastructures, systems enhancements and other security features at all worksites, including onboard our vessels, as part of our risk management and business continuity preparedness. Amid the challenging business landscape, Nakilat remained steadfast in executing our strategies, sustaining operational efficiencies while ensuring fiscal discipline across all our shipping and maritime operations.”
Nakilat’s Board of Directors expressed their appreciation to all relevant authorities, including Qatar Petroleum (QP) for its ongoing support of Nakilat’s activities, to QP Industrial Cities for its co-operation with the Erhama Bin Jaber Al Jalahma Shipyard, and strategic partner and long-term charterer Qatargas in playing a significant role to ensure Nakilat’s robust financial performance. The Board also extended their appreciation to all of Nakilat’s partners, shareholders, management, employees and seafarers for their continued dedication and support in 2020.