Qatar Gas Transportation Company Q.P.S.C. (Nakilat) and its Group subsidiaries announced their financial results for the first half of the year ended 30 June 2024, with a net profit of QAR 829 million for the first half of the year ended 30 June 2024, compared to QAR 775 million for the corresponding period in 2023, an increase of 7%. This robust financial performance highlights Nakilat’s resilience and its strategic capabilities in dealing with the dynamic economic landscape.
The Board of Directors is pleased to invite all shareholders to attend the Extraordinary General Assembly meeting scheduled for Wednesday, 28 August 2024, to review the Board’s proposals regarding the distribution of interim cash dividends for the period ending on 30 June, 2024, at a rate of (7%) of the capital, equivalent to 0.07 Qatari Riyal per share, and to approve the amendment of the company’s Articles of Association. The interim dividends will be granted to shareholders who own shares at the end of the trading session on the day of the Extraordinary General Assembly meeting that approves this distribution.
The following highlights the most prominent financial results from the first half of 2024:
Achieved a net profit of QAR 829 million, reflecting an increase of 7%.
Incurred total expenses of QAR 1,461 million, reflecting a decrease of 4%.
In 2024, Nakilat achieved significant milestones in its fleet expansion project. The Company signed contracts to build six advanced gas carriers, including two LNG carriers and four modern LPG/Ammonia carriers. Nakilat also entered long-term contracts with QatarEnergy to charter and operate nine QC-Max LNG carriers, each with a capacity of 271,000 cubic meters, in addition to 25 conventional LNG carriers, each with a capacity of 174,000 cubic meters. These new vessels will be constructed and delivered according to the scheduled timeline over the coming years. This initiative reflects Nakilat’s commitment to modernization and innovation in maritime transport services, aiming to meet the growing demand in the global energy shipping sector. Upon completion of these vessels, Nakilat’s fleet will reach a total of 114 ships, reinforcing its global leadership in the clean energy transport sector.
Eng. Abdullah Al-Sulaiti, Nakilat’s Chief Executive Officer, commented on the group’s financial results, stating: “We remain committed to building a future with sustainable approaches and providing secure and reliable energy transportation solutions as demand for the LNG transportation market is expected to increase worldwide. 2024 is a milestone year for Nakilat’s expansion projects, and our latest financial results, with an increase in net profit by 7%, is a testament to the company’s two decades of global operational excellence in maritime services.”
The company has once again been recognized among the Top 100 Listed Companies in the Middle East for 2024. This honor not only acknowledges its exceptional performance but also reinforces its position in the elite league of companies shaping the economic landscape of the region. The company’s commitment to safety and sustainability is underscored by the accolade it received from the British Safety Council, which awarded a five-star rating in the Occupational Health and Safety Audit for the seventh consecutive time, and in the Environmental Sustainability Audit for the second consecutive time.
In line with commitment to providing the best practices in investor relations and its strategy to engage shareholders and investors, the Company will hold an investor relations conference call to discuss the financial results for the first half of 2024 on Wednesday, 7 August 2024, at 13:30 hours (Doha Time). The conference presentation will be published on the Company’s website prior to the conference call. For further information on Nakilat’s conference call dial-in details, please visit the company’s website www.nakilat.com.
Source: Nakilat
