Nakilat Posts QR 955 Million Profit in 2016

Doha, - Liquefied natural gas transport company Nakilat announced its financial results for the year ended 31 December 2016, posting a net profit of QR 955 million compared to QR 984 million in 2015, the company said in a press release.

Earnings per share attained in 2016 was QR 1.72 compared to QR 1.77 in the same period last year, the company said.

The board of directors recommended distributing a cash dividend to the shareholders equal to 10 percent of the nominal value of its capital, which is equivalent to one riyal per share.

The board commended the company's resilient financial results despite the challenging market conditions, which clearly reflects the strength and stability of the company's commercial position. Nakilat's long-term contracts continue to underpin the company's strong financial performance.

Given the downturn in market conditions, the company is pursuing a prudent and balanced strategy of strengthening its balance sheet, capitalizing on profitable business growth, and achieving cost consolidations, the statement said, adding that the achievement of Nakilat's vision to be a global leader and provider of choice for energy transportation and maritime services remains a top priority for the company.

The decline in oil and gas prices and overcapacity in the shipping industry has placed a downward pressure on the shipping markets and asset prices. 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 in the current volatile market environment. This would allow the company to maintain its leading market position in the transportation of LNG and capitalize on future opportunities that may arise.

Source: Qatar News Agency