Nakilat said decline in oil and gas prices and overcapacity in the shipping industry has placed downward pressure on the market
Qatar Gas Transport Co (Nakilat), one of the world's largest shippers of liquefied natural gas, reported a 2.9 percent fall in annual net profit on Monday.
Nakilat's 2016 profit amounted to 955 million riyals ($262 million) versus 984 million riyals a year earlier. In the fourth quarter, profit fell to 207 million riyals from 226 million riyals a year earlier, according to Reuters calculations; QNB Financial Services had predicted a quarterly profit of 241 million riyals.
The company's board recommended distributing a cash dividend of 1 riyal per share, down from 1.25 riyals for 2015.
"The decline in oil and gas prices and overcapacity in the shipping industry has placed downward pressure on the shipping markets and asset prices," Nakilat said.
"Nakilat’s approach to its dividend disbursement would enable the company to continue to maintain a strong balance sheet and stable cash flow to support its debt repayment structure and remain resilient in the current volatile market environment."For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.