Nakilat's 2022 profit surges 6.3pc; revenue hits $4.4bn
INDUSTRIAL NEWS
Qatar Gas Transport Company (Nakilat) and its subsidiaries have achieved a consolidated net profit of QR1.4 billion ($382 million) in FY 2022, up 6.3% compared to QR1.3 billion ($354 million) the previous year.
Announcing its financial results for the year ended December 31, 2022, Nakilat said its revenues soared to QR4.4 billion, with an increase by 6.3% thanks to its business model that has ensured its resilience and ability to adapt to market fluctuations and allowing the company to generate sustainable long-term returns for shareholders.
In 2022, the world witnessed an increased demand for clean energy, which enabled Nakilat to continue diversifying its portfolio and international presence through its fleet, flexible logistics network and its leadership position in the market.
The achievements are a strong testimony to Nakilat’s commitment to maintaining its market leadership in the energy transportation sector and at the same time, strengthening Qatar’s position as one of the largest exporters of clean energy in the world.
On the company’s performance, Chairman Abdulaziz Jassim Al Muftah said: "2022 has been a year marked with changes and challenges that have reshaped our industry. It has also been a year exemplified by the exceptional financial performance of our company - a direct reflection of our expansion strategy, outstanding record and operational excellence in energy transportation and maritime services."
"The company’s resilience and the convergent efforts of its employees has enabled Nakilat’s sustained growth momentum and business continuity, creating immense value for both its customers and shareholders," he stated.
For this period, the board of directors have recommended the distribution of cash dividends in the amount of QR0.13 per share.
CEO Engineer Abdullah Al Sulaiti said: "Despite all the challenges the world faced in 2022 by an unprecedented pace of rise in interest and inflation rates, Nakilat managed to overcome these fluctuations with the least impact on its financial performance, a clear indication of the strength and durability of our operational excellence in the field of energy transportation and marine services."
"The results were complimented by the efforts of our dedicated workforce and collaboration to achieve optimal value for our shareholders and customers. Also the recent strategic expansion of the company’s fleet with an additional 4 LNG carriers helped in the growth in addition to improved performance of its joint ventures operating in the drydock, demonstrating its commitment to innovative sustainability and operational excellence," he noted.
"The addition to our fleet has allowed Nakilat to increase its fleet capacity and increase operational efficiency, giving us a competitive advantage at a time when the company is expanding its portfolio in the global transportation market by constantly searching for growth opportunities that benefit its shareholders in the long term," he added.-TradeArabia News Service
