Nakilat has reported a 15.7% year-on-year jump in consolidated net profit to QR1.16bn, while revenues grew 3.4% to QR4.02bn in 2020.
The company has recommended a cash dividend at QR0.11 per share for the review period, which will have to be ratified by shareholders at the annual general assembly meeting.
Even though the global economy and liquefied natural gas (LNG) shipping market were impacted by the Covid-19 pandemic for most of 2020, Nakilat continued to demonstrate great resilience as reflected in its operational and financial performance for the year.
The outstanding financial performance in 2020 is a testament to the company’s defensive business model and concerted efforts, which includes the safe completion of the second phase fleet management transition involving seven LNG carriers, delivery of two MEGI LNG new-builds, as well as the first FSRU (floating storage regasification unit) transition to NSQL-management.
“During this past year, Nakilat, like the rest of the global shipping and maritime industry, has had to navigate unprecedented challenges to its operations due to the Covid-19 global pandemic. However, the company’s solid business continuity plans and infrastructure enabled us to swiftly adapt to the situation and allowed us to remain focused on creating value for our shareholders and customers,” said Nakilat chairman Dr Mohamed bin Saleh al-Sada.
The company continued to transport clean energy to worldwide destinations safely and reliably without any interruptions, upholding its commitment to operational excellence and customer satisfaction, he added.
“Amid the challenging business landscape, Nakilat remained steadfast in executing our long-term strategies, sustaining operational efficiencies while ensuring fiscal discipline across our global shipping and maritime operations,” according to Abdullah Fadhalah al-Sulaiti, its chief executive.
He said the company was able to quickly adapt to the new normal of operating and demonstrated great resilience, as evident from its business and operational accomplishments throughout the year.