Nakilat Group has reported a 12% year-on-year growth in net profit to more than QR1bn in 2019 and suggested QR0.1 cash dividend.
The company’s robust financial performance is primarily attributed to operational excellence in the management of its liquefied natural gas (LNG) and liquefied petroleum gas vessels, as well as realising additional revenues from the two additional LNG carriers, one floating storage regasification unit acquired in 2018 and the strategic acquisition of the remaining 49.9% of four Q-Flexs on October 2019.
Revenues jumped by about 7% to QR3.88bn, while the general and administrative expenses decreased by 3.2% in the review period.
Nakilat’s emphasis on cost optimisation efforts and increasing efficiencies through various rationalisation activities as well as process enhancements, ensure that the company remains competitive within the global energy transportation market; while sustaining healthy cash flow and generating steady returns for shareholders.
Total assets including its share in all its joint venture assets was more than QR55.5bn, including the QR10.6bn world-class Erhama Bin Jaber Al Jalahma Shipyard fully operated and managed by Nakilat joint venture companies.
"Nakilat has come a long way in its brief 15-year operating history to become a formidable global shipping and maritime company. Bolstered by more favourable market conditions and our own implementation of business diversification and resource optimisation strategies, we have stayed true to our mission to create value for our shareholders while elevating the business to new heights,” said Dr Mohamed bin Saleh al-Sada, chairman of Nakilat.
Abdullah Fadhalah al-Sulaiti, chief executive, said the company continued its impressive momentum of growth and expansion across all fronts, in preparation for additional shipping capacity to meet the growing international demand for clean energy.
"Nakilat persevered and emerged even stronger, pursuing operational excellence, diversifying portfolios, solidifying internal capabilities, strengthening international presence and aggressively implement strategic long-term growth strategies," he added.