Drewry Maritime Equity Research - Qatar Gas Transport Co. (QGTS) Nakilat - 4Q19 result update

Report

Santosh Gupta

Nakilat - 4Q19 result update

Total income up 26.6% yoy, while net profit went up 17.8% yoy: Nakilat reported a strong set of results in 4Q19, with revenue up
26.6% yoy to QAR 1,151.1 mn, while the reported EBITDA went up 27.6% yoy to QAR 907.2mn. The company’s net income increased
17.8% yoy to QAR 274.6mn. The company’s results mainly benefited from the acquisition of the remaining 49.9% ownership interest
in four LNG vessels from International Seaways (INSW) in October 2019 and the improved performance of LPG vessels. The company
realised non-operational gains of QAR 288.0 mn related to this acquisition. Adjusted for these non-operational gains, the company’s
adjusted EBITDA would have declined by 12.7% yoy to QAR 599.6 mn. However, Nakilat highlighted during its 4Q19 results conference
call that it has recognised some contingencies on different assets, which neutralise this one-off gain. Nakilat declared a dividend of QAR
0.10 per share, same as in 4Q18.

27/02/2020 6 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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