2021 Annual Report
Welcome to Nakilat’s Digital Annual Report
The company witnessed significant growth and development throughout 2022 in alignment with its ambition to be a global leader and provider of choice for energy transportation and maritime services. The 2022 Annual Report captures the highlights of our financial performance, corporate strategy, business operations as well as comprehensive approach towards sustainability.
Board of Directors Report
“During the past year, the world continued to face exceptional adversity in the form of the COVID-19 pandemic, one that has reshaped our view of normal and posed unprecedented challenges to the global shipping and maritime industry. The passion and strength of our people shone through these difficult times. Nakilat remained resilient in continuing to build on our operational response to the pandemic, enabling us to adapt swiftly and ensure business continuity to create value for our shareholders and customers.”
HE Dr. Mohammed Bin Saleh Al-Sada
CEO message
“I am proud to say that we have weathered the storm and emerged stronger, continuing to pursue operational excellence and following through our long-term growth strategies as we strive towards our vision. Our excellent financial performance in 2021 is the direct result of our concerted efforts and commitment to deliver value to our stakeholders and customers with a net profit of QR 1,354 million achieved, a 16.7% increase against the previous year at QR 1,161 million.”
Eng. Abdullah Al-Sulaiti – Chief Executive Officer
FINANCIAL HIGHLIGHTS
REVENUE
million(QAR)
NET PROFIT
million(QAR)
EARNINGS PER SHARE
(QAR)
TOTAL ASSETS
billion(QAR)
EXPLORE THE ANNUAL REPORT
Corporate Strategy
Corporate Governance
Corporate governance is an ethically driven business process that is committed to values aimed at enhancing an organization’s wealth generating capacity. This is ensured by taking ethical business decisions and conducting business with a firm commitment to values while meeting stakeholders’ expectations. At Nakilat, it is imperative that our company affairs are managed in a fair and transparent manner. This is vital to gain and retain the trust of our stakeholders.
Nakilat is continuously adopting best corporate governance practices, since it is deeply perceived as the heart of the successful running of our organization, while sustaining a long-term growth and promoting trust among the shareholders, investors, customers, employees and all other stakeholders. Nakilat’s corporate governance framework ensures effective engagement with our stakeholders and helps us evolve with changing times. The Board of Directors ensures the implementation of strong corporate governance practices, which safeguards the sustainable development and performance of the company, in accordance with Nakilat’s mission and vision to be a global leader in energy transportation and maritime services.
Our Board of Directors considers the interests of our shareholders as well as our other stakeholders through receiving timely and quality reports that contain condensed information and materials for them to make well-informed decisions and to develop business strategies for short and long-term growth and overall sustainability of the organization. Frequent engagement with our shareholders through our investor conferences, investor meetings, and IR conference calls has sharpened Nakilat’s focus on our core priorities, strategic vision and governance. Nakilat continues to listen to all its shareholders. Nakilat sees governance as a framework to align the interests of all our stakeholders behind its purpose to unlock the power of delivering clean and reliable energy to enhance quality of life for everyone around the world.
Recognizing the relationship between good governance and sound financial performance, Nakilat strives to adhere to leading and best governance practices and complies to Qatar Financial Markets Authority (QFMA) governance guidelines. Nakilat’s corporate governance report has been prepared in compliance with QFMA governance code and is shared with all concerned stakeholders. It is also accessible to all of the company’s stakeholders and shareholders in the Investor Relations section of Nakilat’s website.
Sustainability at Nakilat
Nakilat and its joint ventures (JVs) are committed to Qatar National Vision 2030, which outlines the development of a sustainable future for the State of Qatar. As an organization, we conduct various safety and internal development programs to ensure the creation of a safe and reliable workforce, while our robust corporate social responsibility (CSR) framework aims to enrich the lives of local communities and preserve our natural environment.
Our sustainability commitment comprises several key elements, and among our highlights this year include:
Safety Excellence
COVID-19 PREVENTIVE MEASURES
- Ensured smooth operations while allowing phased introduction of staff working from office and finally reached 100 % during the last Quarter of 2021 in accordance with COVID-19 governmental guidelines.
- Regular employee communications continued throughout 2021 as well on the latest COVID-19 guidelines and precautionary measures.
- Temperature screening for all employees, contractors and visitors across all our facilities (HQ, shipyard, Employee accommodation, onboard the vessels) continued for most part of the year.
- Face-to-face meetings restriction, encouraging employees to conduct virtual online meetings.
- Provision of necessary PPEs and adequate supplies of hand sanitizers are made available at all our working sites.
- Employee health declaration for all employees and contractors, including pre-embarkation for all seafarers.
- Contact tracing of positive cases and isolation of suspected cases; immediate liaising with Communicable Disease Center (CDC) for conducting COVID-19 tests for all suspected cases.
- Reinforce social distancing at all times; be it queuing during mealtimes, boarding transportation, or whilst on the transportation.
Human Capital & Capability Development
Professional and personal development of our most strategically important assets, our employees, remained in sharp focus during 2021. Nakilat continued to utilize our blended learning approach with the delivery of 97% of the training programs virtually. This is in response to the challenges posed by COVID-19, which restricted the utilization of in-person training sessions to critical safety courses only. This new strategy has significantly improved the efficiency of the training delivery model which gives more flexibility to our staff to complete training at times and locations convenient to them.
7,437 hours of training content was delivered by subject matter experts from external training consultancies as well as internal employees across all divisions.
We successfully extended our internal knowledge sharing program (NICE) with 35 sessions being conducted. A new Learning Academy was successfully launched in 2021 in partnership with LinkedIn Learning, providing over 10,000 courses and materials to staff supporting their competence development. New areas for Masterclasses and TED Talks have also been added, including enhanced learner reporting and metrics.
Nakilat continued to support the development of Nationals with its ICON21 Coaching program, comprising 63 hours of one-to-one performance coaching delivered to 8 young Qatari Nationals, as well as the creation of comprehensive Competence Development Plans for Nationals having completed the Career Development Center. In addition, a new dedicated training program on Personal Effectiveness in partnership with FranklinCovey Inc. was launched. The course provides 10 dedicated programs to Nationals to enhance their behavioural and professional competences, all of which are aligned to support their career goals and our Qatarization strategy. Over 255 courses have been delivered virtually during the year, fully utilizing the platforms and technologies at our disposal to ensure continued development of our employees.
In 2021, we continued our focus on developing the next level of leaders in our business through our succession planning process, which culminated in an agreed succession plan for 2021 for Nakilat. Facilitated by the creation of bespoke development plans for each successor, their advancement and growth will be the key focus for 2021, principally with the launch of our extensive and comprehensive Leadership Development Program.
