Nakilat Records Profit of QAR 1,559 Million, Increase by 8.3% for FY2023
Doha, Qatar, January 28, 2024:
Qatar Gas Transport Company (Nakilat) Q.P.S.C., and its joint ventures (the group) announced its financial results for the year ended 31 December, 2023. As the group continues its strong financial performance with a consolidated net profit of QAR 1,559 million, an increase of 8.3% compared to QAR 1,439 million for the same period in 2022. The Board of Directors is pleased to recommend the distribution of cash dividends, amounting to 0.14 Qatari Riyals per share and invites all shareholders to attend the Annual General Assembly Meeting to be held on Monday, 26 February 2024.
This stable increase in profits reflects the company’s efficiency in managing its operations and its ability to capitalize on opportunities that have arisen despite challenges faced in the energy transportation market.
The following highlights the most prominent financial results attained by the group in the fiscal year 2023:
- Achieved a net profit of 1,559 million Qatari Riyals, reflecting an increase of 8.3%
- Achieved revenues of 4,653 million Qatari Riyals, reflecting an increase of 5.7%
Commenting on the company’s financial performance, Mr. Abdulaziz Jassim Al-Muftah, Chairman of the Board of Directors, said: “This year has brought about significant changes and challenges to the global shipping market, shaped by global events and geopolitical shifts. Despite these challenges, Nakilat has not only navigated through these complexities but has also emerged stronger, showcasing resilience, innovation, and a commitment to excellence. As geopolitical dynamics continue to impact global energy markets, Nakilat remains steadfast in adapting to these changes. We recognize the importance of staying agile in the face of uncertainties and are committed to overcoming challenges by leveraging our expertise and strategic partnerships with a forward-looking approach.”
Nakilat’s financial performance in 2023 reflects its commitment to operational excellence and strategic expansion, as this year the company has not only navigated the challenges faced by the sector, but also achieved sustainable growth, reinforcing its position as a key partner in the field of energy transportation and maritime services.
The Board of Directors expressed their appreciation to H.E. Eng. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, President and CEO of QatarEnergy, for ongoing support. The Board also extended appreciation to the Industrial Cities Directorate for cooperation with the Erhama Bin Jaber Al Jalahma Shipyard, as well as the strategic partner and long-term charterer QatarEnergy LNG for the continued support. Finally, our heartfelt thanks go to Nakilat’s international customers, partners, shareholders, management, employees, Qatar Stock Exchange (QSE), Qatar Financial Markets Authority (QFMA) and all stakeholders for their unwavering dedication and support.
Eng. Abdullah Fadhalah Al-Sulaiti, Chief Executive Officer of Nakilat, said “This remarkable financial performance is due to the unwavering commitment of our dedicated seafarers and shore-based staff who work tirelessly to deliver clean energy to the world, safely and in a reliable manner. Their hard work and dedication have been instrumental in achieving these results. We remain committed to upholding the highest standards ensuring the safety of our global operations, while reinforcing our position as a provider of choice for energy transportation and maritime services, as well as an employer of choice.”
As Nakilat looks ahead to the future, the CEO expressed confidence in the continued success of the company, underpinned by personnel who are not only skilled and dedicated but also aligned with Nakilat’s core values of safety, respect, integrity, passion and encouragement.
On January 9, 2024, Nakilat announced strategic shipping expansion through vessels acquisition. Nakilat has placed orders with Hyundai Samho Heavy Industries (HSHI) of South Korea for the construction of six gas vessels (two cutting-edge LNG carriers with a cargo capacity of 174,000 cubic meters each and four modern LPG/ammonia carriers, with a capacity of up to 88,000 cubic meters). These modern vessels are set to be delivered between 2026 and 2027.
Upon delivery, the addition to Nakilat’s ever-expanding fleet not only signifies an increase in capacity and flexibility for its esteemed customers, but also reinforces the company’s pioneering role in the energy transportation sector. Once these vessels are operational, they will further cement Nakilat’s position as a global leader in the gas shipping industry.
In-line with Nakilat’s commitment to provide the best practices in investor relations and its strategy to engage shareholders and investors, the company will hold an investor relations conference to discuss the financial results for the period ending on December 31, 2023: on Monday, 29 January 2024 at 1:30 pm (Doha Time). The conference presentation will be published on the company’s website prior to the conference call. For further information on Nakilat’s conference call dial-in details, you can visit the company’s website: www.nakilat.com.