Drewry Maritime Equity Research - Qatar Gas Transport Co. (QGTS) Nakilat - 4Q20 result update

Report

Santosh Gupta

Nakilat - 4Q20 result update

Total income up 3.4% YoY, while net profit up 15.8% YoY
In 2020, Nakilat reported robust results with revenue up 3.4% YoY to USD 1,084.5mn and net income up by 15.8% YoY to USD 313.2mn.
Adjusting for the non-operational loss of USD 40.6mn in 4Q20 and non-operational gain of USD 77.7mn in 4Q19, the company’s adjusted
net income increased by 83.5% YoY to USD 353.8mn and its adjusted EBITDA increased by 22.2% YoY to USD 886.3mn. Nakilat results
benefited from the acquisition of 49.9% stake in INSW in October 2019 and 28% YoY decline in general and administrative expenses to
USD 35.1mn. The company’s finance charges decreased by 2.9% to USD 316.2mn due to the scheduled repayment of loans and lower
LIBOR on the unhedged loan. Nakilat increased the dividend by 10% to USD 0.03 (QAR 0.11) per share.

11/02/2021 1 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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