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Nakilat holds annual general meeting and extraordinary general meeting

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LNG Industry,

Nakilat has announced that it has held its annual general meeting (AGM) for the 2016 financial year and its extraordinary general meeting (EGM).

During the AGM, the company’s board of directors announced that the company had made a net profit of QR955 million, compared the QR984 million in 2015. The board stated that, regardless of current challenges in the economy, the decrease in current oil and gas prices and overcapacity in the shipping industry, the company’s approach to its dividend disbursement would enable it to maintain a strong balance sheet and stable cash flow to support its debt repayment structure and stay resilient to weather volatile market conditions. Nakilat claims that this would allow it to maintain a leading position in LNG transportation, and to capitalise on any future opportunities that might 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, capitalising on the strength of our integrated businesses and talents within the organisation. We successfully consolidated the management of four wholly-owned LNG carriers to our in-house ship management arm, Nakilat Shipping Qatar Ltd (NSQL), in the last quarter of 2016, and embarked on an organisation-wide cost optimisation 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.”

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