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Nakilat announce profit for 2017

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LNG Industry,

Nakilat has announced its financial results for the year ended 31 December 2017, with a net profit of QR 847 million. The earnings per share attained in 2017 was QR 1.53.

During the year, Nakilat successfully deployed the company's strategic plans towards maintaining its global leadership in LNG transportation and the integral role it plays in Qatar's LNG supply chain. Despite the challenges facing the energy and maritime industry, the company managed to achieve positive results across its operations that exceeded planned expectations in 2017 through enhanced operational efficiency and a reduction in general, administrative expenses and finance costs. Additionally, the net profit achieved in Q4 of 2017 was higher than that achieved in Q3 of 2017 and Q4 of 2016, by 21% and 16% respectively.

In addition, the Rating Agencies have continued to rate Nakilat highly during rating affirmations processes last year and attributed the company's success to its resilience to market volatility as well as its consistent and reliable record for operating LNG vessels.

Nakilat's Board of Directors commended the company's steady financial results: 'Complemented by strategic long-term agreements with well-established charterers, Nakilat has managed to maintain steady cashflow and generate positive value for our shareholders. Given the volatile market conditions, the company embarked on cost optimisation initiatives, capitalising on profitable business growth, and achieving cost savings. In addition, Nakilat continues to explore and capitalise on different business opportunities and mitigating business risks to strengthen the company's international position as a global leader in the LNG shipping industry'.

The Board also recognised Nakilat's efforts at attracting and developing Nationals to undertake various roles in the maritime industry which resulted in the achievement of the 'Qatarisation Award for Supporting Qatarisation' at the Energy and Industry Sector's Annual Qatarisation Review Meeting 2017.

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