Nakilat remained resilient in continuing to build on its operational response to the COVID-19 pandemic, its Board Chairman Dr Mohammed bin Saleh Al Sada, said during the Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) held on Monday.
“The passion and strength of our people shone through these difficult times,” he said, adding that Nakilat resilience enabled it to adapt swiftly and ensure business continuity to create value for shareholders and customers.
“With a solid foundation in place, Nakilat has been steadfast in steering forward our vision to be the global leader in LNG transportation, whilst contributing towards the development of Qatar’s shipping and maritime industry. The company stayed committed to achieving its vision and delivered many notable accomplishments during this challenging year,” he said.
Nakilat delivered clean energy to worldwide destinations without any interruptions, upholding our commitment to operational excellence and customer satisfaction, Dr Sada said.
“We followed through our expansion plans with the addition of two technologically advanced LNG carrier newbuilds this year, demonstrating our unflinching commitment to innovation, sustainability, and operational excellence. This will allow us to provide greater fleet capacity and flexibility to our customers and give us a significant competitive advantage in the energy transportation sector. Moreover, it contributes to our efforts to reduce our carbon footprint and operate sustainably as we grow our international shipping portfolio.”
With a fleet strength of 74 vessels, Nakilat is one of the largest energy shipping companies, he said.
“Our fleet comprises 69 LNG carriers, four large LPG carriers and one Floating Storage Regasification Unit (FSRU). Through our in-house ship management, Nakilat oversees the operations of 29 vessels, 24 LNG, four LPG carriers and one FSRU. The majority of Nakilat’s vessels are fixed with long term charters to quality counterparties, hence securing steady and healthy cash flow for the company.
“Our local joint ventures at the world-class Erhama Bin Jaber Al Jalahma Shipyard continue to add strategic value to Nakilat’s operations. Our integrated maritime operations include ship repair, offshore fabrication as well as a range of maritime services, all of which contribute towards developing Qatar as a strategic shipping and maritime hub, in alignment with Qatar National Vision 2030.”
With COVID-19 still prevalent throughout 2021, Dr Sada said Nakilat continued to take a ‘people first philosophy’ to safeguard its people, which he described as the company’s “most vital assets”.
“From ensuring a safe workplace to protecting the health of our workforce, we spared no effort in taking all required measures to prevent the spread of the virus and reduce risks to all our employees, contractors and visitors, be it at the office or onboard our vessels.
Climate change was a topic of much discussion in the industry this year and one that resonates with Nakilat’s mission to protect the environment we operate in. Part of good governance entails transparent reporting, and this year, we were pleased to launch our inaugural Environmental, Social, and Governance (ESG) Report. The report highlights our continuous commitment and vision to enable sustainable growth in communities around the world.
“Our business continuity preparedness was proven for another year yet, with our ability to remotely work from home while delivering the same level of business excellence. Looking ahead, Nakilat’s Board of Directors is committed towards upholding and implementing the highest standards of corporate governance as well as robust risk management, business continuity preparedness, and various internal measures throughout the organization. These integral components will further support the company’s sustainable business growth, uphold our employees’ wellbeing, and reinforce investors’ confidence in the company.”
Nakilat achieved a net profit of QR1,354 million for the year 2021, a 16.7 percent increase as compared to QR1,161 million in 2020. Nakilat’s Board of Directors recommended the General Assembly to distribute cash dividends equivalent to ‘0.12 Qatari Riyal’ per share for the year 2021.