Nakilat posts ’16 net profit of QR955mn

21/02/2017 07:36 AST

Nakilat, the liquefied natural gas (LNG) transport company providing an essential transportation link in Qatar’s LNG supply chain, has reported a net profit of QR955mn, translating into earnings-per-share of QR1.72 in 2016.

The company has recommended 10% cash dividend for 2016, to be approved by shareholders at an annual general assembly meeting on March 12.

Highlighting that its net profit was QR984mn and earnings-per-share was QR1.77 in 2015, a Nakilat spokesman said the decline in oil and gas prices and overcapacity in the shipping industry placed a downward pressure on the shipping markets and asset prices.

“Nakilat’s approach to its dividend disbursement would enable the company to continue to maintain a strong balance sheet and stable cash flow to support its debt repayment structure and remain resilient in the current volatile market environment,” he said.

This would allow the company to maintain its leading market position in the transportation of LNG and capitalise on future opportunities that may arise, according to him.

During rating affirmations processes last year, the rating agencies had attributed the company’s success to its resilience to market volatility and its consistent and reliable record for operating LNG vessels.

The company’s LNG shipping fleet is the largest in the world, comprising 63 vessels. Nakilat also owns and manages four large LPG carriers. Nakilat operates the ship repair and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan Industrial City via two strategic joint ventures: N-KOM and NDSQ.

Gulf Times