Qatar Gas Transport, known as Nakilat, has left analysts scratching their heads after the transporter of liquefied natural gas (LNG) posted two consecutive quarters of declines despite an improvement in rates for gas tankers.
Nakilat's first-quarter profit fell to 176.5 million rials, a decline of 6 per cent from the same period last year. Nakilat reported net income of 244m rials in last year's third quarter and 208m rials in the fourth quarter.
But LNG tanker rates have risen this year, driven by increased shipments to Japan after the earthquake and tsunami on March 11 last year deprived the country of about 90 per cent of its nuclear power.
Qatar holds 13.5 per cent of the world's proved reserves of natural gas, third behind Russia and Iran. Nakilat is the world's largest owner of LNG ships.
It has spent US$11 billion to expand its fleet to 54 wholly-owned and jointly-owned vessels, most of which are chartered on fixed, 25-year contracts with the state controlled LNG producers Qatargas and RasGas. Few of its ships are leased on spot rates.
"Nakilat's joint-venture business … has not been able to benefit from the spot shipping rate," said Saugata Sarkar, an analyst at Qatar National Bank. "We see the stock more as a steady performer than any significant growth, as all their fleet has been maxed out."
As a result, the analyst has taken a "conservative stance" on the company. He lowered his target price on Nakilat to 19.50 rials from 20.50 rials previously.
Nakilat's shares have declined 6 per cent this year versus a decline of 1.3 per cent for Qatar's QE Index. The stock fell 0.6 per cent to 16.45 rials yesterday.
Average LNG tanker rates rose to $97,630 a day last year from $43,663 in 2010, according to Fearnley LNG, a unit of Norway's second-largest shipbroker.
Daily rents will average $147,000 this year, according to estimates from six analysts surveyed by Bloomberg.
Nakilat is seen as a stable yield play. The company paid a cash dividend of 8.5 per cent, or 85 Qatari dirhams per share, last year.
* with Bloomberg News
halsayegh@thenational.ae
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The specs
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Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now
THE SPECS
BMW X7 xDrive 50i
Engine: 4.4-litre V8
Transmission: Eight-speed Steptronic transmission
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The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
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Scores
Day 2
New Zealand 153 & 56-1
Pakistan 227
New Zealand trail by 18 runs with nine wickets remaining
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
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The specs
AT4 Ultimate, as tested
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Saturday
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Sunday
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PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
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Engine: 4.0-litre V8 twin-turbocharged and three electric motors
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Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
