Nakilat records highest profit of QAR 1,439 million since inception, increase by 6.3% for FY2022
Doha, Qatar, 13 February 2023:
Qatar Gas Transport Company Ltd (NAKILAT) Q.P.S.C. and its subsidiaries (“Group”) today announced its financial results for the year ended 31 December 2022, where it achieved a consolidated net profit of QR 1,439 million in the fiscal year 2022, a significant increase of 6.3%, as compared to QAR 1,354 million for the same period in 2021. For this period, the Board of Directors recommend the distribution of cash dividends in the amount of 0.13 Qatari riyals per share.
In 2022, the world witnessed an increased demand for clean energy, which enabled Nakilat to continue diversifying its portfolio and international presence through its fleet, flexible logistics network and its leadership position in the market. This was possible through the association of long-term contracts with its customers. Nakilat’s business model has ensured its resilience and ability to adapt to market fluctuations, allowing the company to generate sustainable long-term returns for shareholders.
The following are the most prominent financial results achieved by the group in the fiscal year 2022:
- Achieved a net profit of 1,439 million Qatari Riyals, with an increase by 6.3%
- Achieved revenues of 4,401 million Qatari Riyals, with an increase by 6.3 %
Nakilat’s Board of Directors commended all employees of the company for their continuous efforts to achieving strong financial performance and sustainable operational excellence throughout the year 2022. The achievements are a strong testimony to Nakilat’s commitment to maintaining its market leadership in the energy transportation sector and at the same time, strengthening Qatar’s position as one of the largest exporters of clean energy in the world. In this regard, the Board of Directors is pleased to recommend the distribution of cash dividends at QAR 0.13 per share and invites all shareholders to attend the annual general assembly meeting to be held on Monday, 13th March 2023.
Commenting on the company’s performance and the financial results achieved, Mr. Abdulaziz Jassim Al-Muftah, Chairman of Nakilat’s Board of Directors said: “2022 has been a year marked with changes and challenges that have reshaped our industry. It has also been a year exemplified by the exceptional financial performance of our company – a direct reflection of our expansion strategy, outstanding record and operational excellence in energy transportation and maritime services. The company’s resilience and the convergent efforts of its employees has enabled Nakilat’s sustained growth momentum and business continuity, creating immense value for both its customers and shareholders. The Board of Directors expressed their sincere appreciation to H.E. Eng. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, Managing Director and CEO of QatarEnergy, as well as the industrial cities directorate, for their continued support and cooperation in the operational management of the Erhama bin Jaber Al Jalahma Shipyard. The Board of Directors also extended their gratitude to the company’s long-term charterer Qatargas for their continued support towards Nakilat’s operations. Finally, we would like to thank Nakilat’s international customers, partners, shareholders, management, employees, Qatar Stock Exchange (QSE) and Qatar Financial Markets Authority (QFMA) for their continued dedication and support.”
Eng. Abdullah Al-Sulaiti, CEO of Nakilat, said: “Despite all the challenges the world faced in 2022 by an unprecedented pace of rise in interest and inflation rates, Nakilat managed to overcome these fluctuations with the least impact on its financial performance, a clear indication of the strength and durability of our operational excellence in the field of energy transportation and marine services. The results were complimented by the efforts of our dedicated workforce and collaboration to achieve optimal value for our shareholders and customers. Through the recent strategic expansion of the company’s fleet with an additional 4 LNG carriers, and the improved performance of its joint ventures operating in the drydock, demonstrating our commitment to innovative sustainability and operational excellence. The addition to our fleet has allowed Nakilat to increase its fleet capacity and increase operational efficiency, giving us a competitive advantage at a time when the company is expanding its portfolio in the global transportation market by constantly searching for growth opportunities that benefit its shareholders in the long term.”
In-line with Nakilat’s commitment on providing the best practices in investor relations and its strategy to engage shareholders and investors, the company will hold an investor relations conference call to discuss the financial results for the period ending on December 31, 2022, on Wednesday, 15 February 2023 at 01:30 pm (Doha Time). The conference presentation will be published on the company’s website prior to the conference call. For further information on Nakilat’s conference call dial-in details, you can visit the company’s URL: www.nakilat.com .