2022 Annual Report
Welcome to Nakilat’s Digital Annual Report
Board of Directors Report
“2022 has been a year marked with major changes and challenges that have reshaped our industry. It has also been a year characterized by the strong financial performance of our company – a direct reflection of Nakilat’s expansion strategy, admirable track-record and its 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.”
MR. ABDULAZIZ AL-MUFTAH – Chairman of the Board
CEO message
Eng. Abdullah Al-Sulaiti – Chief Executive Officer
FINANCIAL HIGHLIGHTS
REVENUE
billion(QAR)
NET PROFIT
billion(QAR)
EARNINGS PER SHARE
(QAR)
TOTAL ASSETS
billion(QAR)
EXPLORE THE ANNUAL REPORT
Corporate Strategy
To ensure our focus on arriving at the strategic destination, four strategic themes were defined to serve as the architecture of Nakilat’s strategy map. Three of the themes within the strategy map represent Nakilat’s core activities, with each theme hosting a stream of strategic objectives plotted in an upward relational logic. Nakilat’s strategic themes draw a bigger picture of the company’s direction and portray our story in a concise manner.
Corporate Governance
Corporate governance is described as the systems of rules, practices, and processes by which companies are governed. and ensures that companies follow an appropriate and transparent decision-making process, and that the interests of all stakeholders and shareholders are protected. The company’s board of directors and executive senior management strives to build long-term relationships and commitment among various Nakilat’s stakeholders to meet the company’s goals and objectives, and to stand in support of our sustainable success based on strong principles of governance.
Nakilat believes that adopting best governance practices and standards will enable us to realize transparency, integrity, and trust in our financial statements and thereby enhance the confidence of debtors, lenders, and shareholders in the company, as well as assist investors to make well-informed investment decisions. Nakilat identifies 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 with Qatar Financial Markets Authority (QFMA) governance code. Nakilat’s issued governance report has been prepared in compliance with QFMA governance code reflecting Nakilat’s effort to meet all relevant regulatory requirements, and it is shared with all concerned stakeholders and the public on Nakilat’s website.
Operational Highlights
Fleet
- A new state of art vessel (X-DF 174K LNG carrier) has been delivered to Nakilat, as part of its long-term expansion plan and strategy to sustain a strong position within the shipping market.
- In 2022, Nakilat received an exceptional performance feedback from its customers, who are one of its most valued and vital assets
- Introducing healthy positive mental wellbeing initiatives to support establishing a positive environment onboard. New projects are focused on continuity of improvement of conditions for seafarers.
- Training and development of Qatari Seafarers, majority of whom have been promoted to officers with some reaching senior ranks.
Shipyard
- N-KOM completed repairs on 153 vessels such as LNG, LPG, VLCC, Tankers and small vessels
- N-KOM completed repairs on 23 LNG carriers
- N-KOM completed repairs on 27 Offshore structures, Jack up rigs and Industrial Engineering projects
- N-KOM successfully delivered the Outboard Slot (OBS) Module Fabrication project
- N-KOM successfully secured ship repair and offshore projects from 27 new clients in 2022
- QFAB awarded the fabrication & assembly of WHP Topsides for Qatargas North Field Expansion Project (NFXP) – North Field East (4nos), Sensor Tower Platforms (2nos), Subsea Structures and WHP Jackets (5nos)
- QFAB awarded the fabrication & assembly of 2nos. Spent Caustic Treatment Modules for Chemical Engineering & Construction Corporation Seven, Ltd. (CC7)
- N-KOM supported QFAB through the provision of prefabrication services for QFAB’s ongoing NFXP & NFS projects underlining QFAB’s commitment to In-Country Value (ICV) and greater yard utilisation
- QFAB achieved the milestone of 1 million work hours without a Lost Time Injury (LTI), reiterating the company’s commitment to safety
Marine Services
- NAC commemorated 17 years of operations, offering 24/7 agency services to 64,000 vessels without any service failures and Lost Time Incidents (LTIs)
- NAC considered an integral organization at Ras Laffan port to continue the flow of operations during the pandemic.
- NAC completed 2 years of global agency services through international partnerships providing hub services and attending to more than 2,800 vessel port calls and channel transits globally
- NAC Arranged around 1000 crew movements including medical attendance, ship to ship crew transfers and crew changes in ports of Qatar during the year. This included arranging speedy repatriation of stranded seamen upon lifting of COVID-19 travel restrictions
- NSW surpassed 13 million exposure hours without incurring an LTI for 8 years and 8 months
- NSW Performed a total of 14,044 tug jobs for QatarEnergy at Ras Laffan Port, 6.5% higher than 2021
- NSW continued upholding performance of uninterrupted services with a 99.91% technical up time across the fleet
- NSW received the Platinum Award for outstanding safety performance under Ras Laffan Port’s ‘7 Star Safety Audit
- 3300 orders of various types have been handled by VSU services at Ras Laffan for Nakilat-owned, joint-venture and third-party vessels
- VSU uninterrupted supply and support service from Ras Laffan during the lock down period, that ensured supply of essential items to vessels through VSU
- VSU clearance and delivery of critical spares to Nakilat and JV vessels at Ras Laffan, an average of 350 movements per month
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
- Operations continued with 100 % staff returning to work from office in accordance with MoPH guidelines.
- All employees were appraised of the requirements from MoPH on the latest COVID-19 guidelines and precautionary measures.
- Restrictions on temperature screening and RAT tests were relaxed in a phased manner in consultation with Qatar Energy COVID-19 Crisis Management Committee across all our facilities (HQ, shipyard, employee accommodation, onboard the vessels). Social distancing measures continued to be implemented throughout major parts of the year.
- Post travel RAT Tests and submission of self-declaration before resuming work continued to be implemented throughout the year.
- The Corporate office premises were thoroughly disinfected daily and after a positive case was identified.
- Nakilat ensured that booster doses were administered for eligible personnel throughout all its facilities.
- Extensive precautionary measures were implemented for NAC operations during crew sign on / sign off. Some of the key measures included daily disinfection of vehicles, daily RAT testing for drivers, strict adherence towards wearing of face masks during the transit and provision of PPE / sanitization kits to crew / visitors during signing on to vessels. Operations continued with 100 % staff returning to work from office in accordance with MoPH guidelines.
- Restrictions on temperature screening and RAT tests were relaxed in a phased manner in consultation with Qatar Energy COVID-19 Crisis Management Committee across all our facilities (HQ, shipyard, employee accommodation, onboard the vessels). Social distancing measures continued to be implemented throughout major parts of the year.
- Post travel RAT Tests and submission of self-declaration before resuming work continued to be implemented throughout the year.
- The Corporate office premises were thoroughly disinfected daily and after a positive case was identified.
- Nakilat ensured that booster doses were administered for eligible personnel throughout all its facilities.
- Extensive precautionary measures were implemented for NAC operations during crew sign on / sign off. Some of the key measures included daily disinfection of vehicles, daily RAT testing for drivers, strict adherence towards wearing of face masks during the transit and provision of PPE / sanitization kits to crew / visitors during signing on to vessels.
Human Capital & Capability Development
Professional and personal development of our most strategically important assets, our employees, remained in sharp focus during 2022. Nakilat continued to utilize our blended learning approach with the delivery of 90% of the training programs virtually. This was a result of moving back to a gradual face-to-face approach yet still taking advantage of the less time and budget consuming virtual training but still achieving face-to-face when appropriate. This new strategy continues to significantly improve the efficiency of the training delivery model which gives more flexibility to our staff to complete training at times and locations convenient to them.
11,269 hours of training content was delivered by subject matter experts from external training consultancies as well as internal employees across all divisions.
The Learning Academy, which was established in 2021, continued to be a venue of solid learning in 2022 for Nakilat employees and it provides a variety of over 7,400 courses and materials.
In 2022, we succeeded in getting three (3) cohorts of leaders and high potential individuals through the Georgetown University Leadership Development Program, where Cohort 1 completed the program in Q3 of 2022 and Cohorts 2 and 3 are scheduled to complete the program in Q1 of 2023. The Personal Effectiveness Program in partnership with Franklin Covey came to a successful completion with 845 learning hours.
In 2022, we continued our focus on developing the next level of leaders in our business through our succession planning process, which culminated in phase 2 talent forum for Nakilat.
