Nakilat Holds Annual General Meeting and Extraordinary General Meeting

Doha, March 12 (QNA) - Nakilat held its Annual General Meeting (AGM) for the financial year 2016 and Extraordinary General Meeting (EGM). HE Dr Mohammed Bin Saleh Al Sada, Minister of Energy & Industry and Nakilat Chairman, introduced the 2016 Nakilat Annual Report, saying: "This past year has been characterized by a number of growth and development opportunities that have been successfully translated into defining milestones for the company. Despite the challenging oil and gas market, Nakilat continues to excel on multiple fronts with its comprehensive range of shipping and maritime services, strengthening the State of Qatars unrivalled position as the worlds largest exporter of liquefied natural gas (LNG) and bolstering the countrys rapidly growing maritime sector in line with National Vision 2030." His Excellency Chairman of Nakilat's Board of Directors stated that the company achieved a net profit of QR 955 million compared to QR 984 million for the year 2015. Nakilat Managing Director Eng Abdullah Fadhalah Al Sulaiti said: "Despite the volatile market condition, Nakilat continued to achieve growth and development across our various operations, capitalizing on the strength of our integrated businesses and talents within the organization. We successfully consolidated the management of 4 wholly-owned LNG carriers to our in-house ship management arm, Nakilat Shipping Qatar Limited (NSQL), in the last quarter of 2016, and embarked on an organization-wide cost optimization exercise to further enhance synergies, while upholding the same high safety and quality standards, across our joint venture operations in Qatar. These initiatives together with our sound business strategy have formed a solid foundation for Nakilat to achieve its vision to be a global leader and provider of choice for energy transportation and maritime services." The General Assembly reviewed and approved all its agenda. The Board of Directors stated that despite the current economic challenges, the decrease in the current oil and gas prices and overcapacity in the shipping industry, 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 to weather volatile market conditions. 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. (QNA)