Board of Directors Report

This year has been a pivotal one, not only marking two decades of achievements but also underscoring Nakilat’s role as a resilient leader in LNG shipping and maritime services. Through shifting global market dynamics and new industry challenges, Nakilat has continued to innovate and adapt, demonstrating both strategic foresight and steadfast commitment to excellence. This year, more than ever, we have built upon our strong foundation, driving sustainable growth and preparing for the opportunities that lie ahead in an evolving energy landscape.

Our financial performance in 2024 reflects the strategic focus on sustainable growth and operational excellence. Despite global uncertainties, our financial achievements this year underscore Nakilat’s reputation as a dependable and innovative energy transportation partner.

Our fleet, among the world’s largest in LNG with 74 vessels—69 LNG carriers, 4 LPG carriers, and 1 Floating Storage Regasification Unit (FSRU)—remains the backbone of Qatar’s LNG supply chain, ensuring a seamless and robust transportation link with a combined carrying capacity of over 14 million cubic meters, which is about 12% of the global LNG fleet. Through our dedicated in-house management of 30 vessels, including 25 LNG carriers, 4 LPG carriers, and 1 FSRU, we continue to achieve operational success with steadfast revenue streams through long-term charters with reputable partners globally.

Nakilat’s forward-thinking approach is exemplified by multiple strategic agreements in 2024. Earlier this year, we signed with Hyundai Samho Heavy Industries (HSHI) for the acquisition of two state-of-the-art LNG carriers and four advanced LPG/Ammonia carriers, set for delivery between 2026 and 2027, underscoring our commitment to environmentally conscious growth. Further, as part of QatarEnergy’s historic fleet expansion, Nakilat signed long-term charter agreements for 25 new LNG carriers, each with a capacity of 174,000 cubic meters, fully owned by Nakilat and chartered to QatarEnergy affiliates. Additionally, Nakilat secured a long-term charter for nine QC-Max class LNG vessels, each with a capacity of 271,000 cubic meters, to be built in China at Hudong-Zhonghua shipyards, reinforcing our partnership with QatarEnergy to support North Field expansion. Together, these agreements demonstrate Nakilat’s dedication to sustainable innovation and growth.

Allow me to highlight some of the key operational achievements of Nakilat during 2024:

  • The company continued to uphold the highest standards of occupational health, safety, and environmental sustainability, earning recognition from the British Safety Council for the sixth consecutive year.
  • Achieved a zero Lost Time Injury (LTI) rate.
  • Successfully completed routine maintenance and necessary works for 13 vessels in Nakilat’s fleet within a limited timeframe and cost.
  • Attained an operational efficiency rate of 99.5%, ranking among the highest globally.
  • Implemented advanced international standards to elevate customer satisfaction through a specialized program aimed at optimizing satisfaction metrics and potential.

Reflecting on Nakilat’s 20-year journey, we celebrate not only significant achievements but also our commitment to sustainability, a pillar of our success. This milestone serves as a testament to the dedication of our people and the unwavering support of our stakeholders as we look forward to shaping the future of maritime shipping.

Nakilat’s joint ventures at the Erhama Bin Jaber Al Jalahma Shipyard have significantly contributed to our growth, offering essential services in ship repair, offshore fabrication, and a comprehensive suite of maritime solutions. These partnerships continue to strengthen Qatar’s reputation as a leading shipping and maritime hub, supporting Qatar National Vision 2030.

The Board is pleased to highlight the outstanding accomplishments of our joint ventures and subsidiaries in 2024:

  • Qatar Shipyard Technology Solutions achieved Zero Lost Time Injuries (LTI) completed more than 183 ship and rig repair, fabrication projects in 2024 and accomplished its 300th LNG carrier dry docking project.
  • Nakilat-SvitzerWijsmuller (NSW) reached an impressive 16.08 million exposure hours without a Lost Time Incident (LTI), maintaining a benchmark of safety.
  • Nakilat Agency Company (NAC) celebrated 19 years of service, providing around-the-clock logistics and marine services across Qatar’s ports and terminals. In 2024, NAC supported over 3700 port calls locally and 2100 internationally, all without incident or service disruption.
  • Qatar Fabrication (QFAB) progressed in major fabrication projects, including four wellhead platform topsides and several key components for the QatarEnergy LNG North Field Expansion (NFXP / NFE) Project, commenced fabrication of subsea structures for the QatarEnergy LNG North Field Production Sustainability (NFPS) Offshore Fuel Gas Pipelines & Subsea Cables (COMP1) project, delivered five jackets for the North Field South (NFS) Project and continued to support critical subsea infrastructure projects, achieving 10 million work hours LTI free.

The Board of Directors commends Nakilat’s strong financial performance in 2024, marked by a net profit of QAR 1.64 billion, an increase of 5.1% from QAR 1.56 billion in 2023. Given our solid financial footing and anticipated growth trajectory, the company distributed semi-annual dividends in September 2024, amounting to 7 Qatari dirhams per share. The Board is pleased to propose a cash dividend distribution of 7 Qatari dirhams per share for the second half of the year 2024 to the General Assembly.

Nakilat’s Board of Directors extends its sincere gratitude to HH Sheikh Tamim Bin Hamad Al Thani, the Amir of the State of Qatar, and HH Sheikh Hamad Bin Khalifa Al Thani, the Father Amir of the State of Qatar, for their visionary leadership, which has been instrumental in Nakilat’s journey.

Our appreciation also goes to HE Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President and CEO of QatarEnergy, for his steadfast support of Nakilat’s activities and partnership with the Erhama Bin Jaber Al Jalahma Shipyard.

Finally, we express our heartfelt thanks to our shareholders, management, employees, and partners—especially QatarEnergy LNG—along with Qatar Stock Exchange (QSE) and Qatar Financial Markets Authority (QFMA) for their continued dedication and invaluable support of the company’s operations.

MR. ABDULAZIZ AL-MUFTAH

Chairman of Nakilat Board

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