Nakilat achieves QR895m profit in 2014 with increase of 23%

GMT 02:55 2015 Thursday ,19 February

Arab Today, arab today Nakilat achieves QR895m profit in 2014 with increase of 23%

Nakilat's LNG vessels
Doha - QNA

Qatar Gas Transport Company Limited (Nakilat) has announced its financial results for the year ended December 31st 2014, whereas the Company’s net profit reached QR 895 million compared to QR 730 million achieved for the year 2013, with an increase of 23%. In this regard, the Board recommended distributing a cash dividend to the shareholders equal to 12% of the nominal value of its capital, which is equivalent to One Riyal and Twenty Dirhams per share. It was also decided to invite the ordinary general assembly to convene on Tuesday March 10th, 2015, the Company said in a statement.
On this occasion, Nakilat’s board of directors commended the company’s strong financial results, which clearly reflect the strength and stability of the company’s financial position. These results highlight the Company’s prudent strategy in exploiting valuable business opportunities and risk assessment, which in turn, will support Nakilat’s quest to retain its position as global leader in the field of transporting liquefied natural gas.
All aspects of the Company’s operations have achieved a higher profitability level. This was clearly demonstrated by the addition of a number of LNG vessels to Nakilat’s fleet during 2014 and the remarkable improvement of liquefied petroleum gas (LPG) vessels’ performance. In addition, to the increased operating activities at the shipyard facilities, which will continue to underpin the future financial results of the company.
The Board of Directors stated that Nakilat is in an excellent position to face the current economic conditions, due to the company's long-term charter hire contracts. These long-term contracts will ensure the company’s financial performance is not impacted over the coming years by the oil price fluctuations.
The board has affirmed Nakilat’s continuous commitment to pursue its development and growth strategy in the long term, in order to achieve strong returns to its shareholders. Nakilat will exploit future opportunities to acquire new vessels, serving the international marine sector, and to increase the utilization rate for the shipyard facilities at "Erhama Bin Jaber Al Jalahma Shipyard".
Nakilat is a Qatari marine transport company providing the essential transportation link in the State of Qatar’s LNG supply chain. Its LNG shipping fleet is the largest in the world, comprising 61 LNG vessels. Nakilat also manages and operates four large LPG carriers and four LNG carriers. Via two strategic joint ventures, N-KOM and NDSQ, Nakilat operates the ship repair and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard. Nakilat also offers a full range of marine support services to vessels operating in Qatari waters.

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