Qatar’s Nakilat Q4 profit rises 12.1 pct

By Finance

Qatar Gas Transport Co (Nakilat), one of the world’s largest shippers of liquefied natural gas, posted a 12.1 percent rise in fourth-quarter net profit on Thursday, according to Reuters calculations.

The company made a net profit of 226 million riyals ($62 million) in the three months ending Dec. 31, Reuters calculated using Nakilat’s annual financial statements in lieu of a quarterly earnings breakdown.

Qatar’s Nakilat Q4 profit rises 12.1 pct

This was up from a profit of 201.55 million riyals in the same period of the previous year but lower than the 271.1 million riyals which QNB Financial Services forecast Nakilat would make in the fourth quarter.

The company, which was added to MSCI’s emerging markets index at the end of November, made a net profit of 982.3 million riyals in 2015, up from 893.6 million riyals in 2014, it said in a statement.

It cited the positive impact of three LNG vessels added in 2015 as well as full utilisation of vessels bought in the previous year. Cost cutting and lower finance costs also contributed to higher earnings.

Nakilat also said its board proposed paying a cash dividend for 2015 of 12.5 percent, equivalent to 1.25 riyals per share. The figure is marginally better than 2014 when it paid 1.2 riyals.

The company said it would exploit future opportunities to acquire new business opportunities, without elaborating.

Source: Reuters (Reporting by Reem Shamseddine and David French; editing by Susan Thomas)