(MENAFN- The Peninsula) QNA
Doha: Vice Chairman of Qatar Gas Transport Company Ltd. (Nakilat) Ahmad Saif Al Sulaiti reaffirmed that Nakilat has not missed a single shipment worldwide even under the unjust siege imposed on Qatar.
Addressing the Annual General Meeting (AGM), the Vice Chairman of Nakilats Board of Directors underlined that the company proved its resilience by successfully deploying strategic steps towards maintaining its global leadership in LNG transportation, and the integral role it plays in Qatars LNG supply chain, adding that the company reaffirmed its commitment to business excellence by taking calculated measures to ensure no interruptions or impact to its worldwide operations despite the unjust and illegal siege.
He noted that the transition of ten additional LNG carriers to Nakilats in-house managed fleet during the year has led to significant improvement in the companys fleet operational efficiency of 99.7% and reduction of operational costs.
Al Sulaiti presented an overview of the companys activities and financial results for 2017, along with an outlook for 2018. He acknowledged Nakilats steadfast commitment for the 2017 initiatives in creating a safe working environment, progressively elevating safety standards and culture, including the "Incident and Injury Free" program.
For his part, Nakilat Chief Executive Officer Abdullah Fadhalah Al Sulaiti said that Nakilats steady financial results is a true reflection of the companys strength and resilience. Notwithstanding the challenging business environment, the company successfully capitalized on profitable growth opportunities and pursued cost optimization initiatives to achieve cost efficiency and greater synergy across the organization. This, coupled with long-term agreements with well-established charterers, has allowed Nakilat to maintain a steady cashflow.
He underlined that Nakilat will continue to steer on steadily with its strategic business plans and effective risk management to continue delivering positive value to shareholders, and towards achieving its vision to be a global leader and provider of choice for energy transportation and maritime services.
During the AGM, the Groups Financial Results were reviewed and approved for the year ended December 31, 2017, of which the company achieved a net profit of QR 847m in 2017.
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