Nakilat holds Annual General Meeting and Extraordinary General Meeting
12 March 2017
Nakilat held its Annual General Meeting (AGM) for the financial year 2016 and Extraordinary General Meeting (EGM). During the AGM, Nakilat’s Board of Directors stated that the company achieved a net profit of QR 955 million compared to QR 984 million for the year 2015. The General Assembly reviewed and approved all its agenda.
The Board of Directors stated that despite the current economic challenges, the decrease in the current oil and gas prices and overcapacity in the shipping industry, 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 to weather volatile market conditions. This would allow the company to maintain its leading market position in the transportation of liquefied natural gas (LNG) and capitalize on future opportunities that may arise.
Nakilat Managing Director Eng. Abdullah Fadhalah Al Sulaiti said: “Despite the volatile market condition, Nakilat continued to achieve growth and development across our various operations, capitalizing on the strength of our integrated businesses and talents within the organization. We successfully consolidated the management of 4 wholly-owned LNG carriers to our in-house ship management arm, Nakilat Shipping Qatar Limited (NSQL), in the last quarter of 2016, and embarked on an organization-wide cost optimization exercise to further enhance synergies, while upholding the same high safety and quality standards, across our joint venture operations in Qatar. These initiatives together with our sound business strategy have formed a solid foundation for Nakilat to achieve its vision to be a global leader and provider of choice for energy transportation and maritime services.”
Nakilat’s Board of Directors would like to express their deepest gratitude to HH Sheikh Tamim Bin Hamad Al Thani, the Emir of the State of Qatar, for his strong leadership and continuous support that has enabled Nakilat to become an effective contributor towards the diversification of Qatar’s economy towards achievement of National Vision 2030.
The Board of Directors also offers its appreciation to Qatar Petroleum (QP) for its ongoing support of Nakilat’s activities, and to QP Industrial Cities for its co-operation with the Erhama Bin Jaber Al Jalahma Shipyard. We would also like to extend our gratitude to Nakilat’s partners, shareholders, management and employees for their continued dedication and support.