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Nakilat’s Board of Directors commended the company’s resilient financial results despite the challenging market conditions, which clearly reflects the strength and stability of the company’s commercial position. Nakilat’s long-term contracts continue to underpin the company’s strongfinancial performance. Given the downturn in market conditions, the company is pursuing a prudentand balanced strategy of strengthening its balance sheet, capitalizing on profitable business growth, and achieving cost consolidations. The achievement of Nakilat’s vision to be a global leader and provider of choice for energy transportation and maritime services remains a top priority for the company.
The decline in oil and gas prices and overcapacity in the shipping industry has placed a downward pressure on the shipping markets and asset prices.Nakilat’s approach to its dividend disbursement would enable the company to continue to maintain a strong balance sheet and stable cash flow to support its debt repayment structure and remain resilient in the current volatile market environment. This would allow the company to maintain its leading market position in the transportation of liquefied natural gas (LNG) and capitalize on future opportunities that may arise.
In this regard, the Board recommended distributing a cash dividend to the shareholders equal to 10\% of the nominal value of its capital, which is equivalent to “One Riyal” per share.
During rating affirmations processes last year, the Rating Agencies had attributed the company’s success to its resilience to market volatility and its consistent and reliable record for operating LNGvessels.
The Board affirmed Nakilat’s continuous commitment to pursue its development and growth strategy in the long term, in order to achieve stronger returns for its shareholders. In conclusion, the Board of Directors expressed its sincere thanks to all of those who contributed to achieve these results from Nakilat’sshareholders, executive management and employees.
About Nakilat
Nakilat is a Qatari LNG transport company providing an essential transportation link in the State of Qatar’s LNG supply chain. Its LNG shipping fleet is the largest in the world, comprising of 63 LNG vessels. Nakilat also owns and manages four large LPG carriers. Nakilat operates the ship repair and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan Industrial City via two strategic joint ventures: N-KOM and NDSQ. Nakilat also offers a full range of marine support services to vessels operating in Qatari waters. For more information visit: www.nakilat.com.qa
