Drewry Maritime Equity Research - Qatar Gas Transport Co. (QGTS) Nakilat - 2Q20 result update

Report

Santosh Gupta

Nakilat - 2Q20 result update

Total income up 9.4% y/y, while net profit went up 12.6% y/y
Nakilat reported robust 2Q20 results with revenue up 9.4% y/y to USD 269.7mn (QAR 999mn) and net income up 12.6% y/y to USD
72.9mn (QAR 269.9mn). The company’s results benefited from the acquisition of four LNG vessels from its JV partner in 4Q19 and 21.8%
y/y decline in general and administrative expenses. The company’s JV earnings declined 22.1% y/y to USD 24.2mn (QAR 90.4mn) mainly
due to a fall in LPG revenue as well as lower revenue from the company’s shipyard business. The company’s reported EBITDA grew 9.7%
y/y to USD 213mn (QAR 789mn). We view Nakilat’s 2Q20 results positively given the challenging prospects for LNG shipping.

23/07/2020 7 EN

Underlying

Qatar Gas Transport Co.

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QA000A0KD6L1 Qatar Exchange Qatar

Provider

Drewry Maritime Equity Research

Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

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Analysts

Santosh Gupta

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