Qatar Navigation (Milaha) Q.S.C. held its Ordinary General Assembly meeting on March 15, 2017, during which the company’s audited financial results for the year ended 31 December 2016 were approved.
The General Assembly also ratified all the remaining items on the Agenda, including the proposal by the Board of Directors to distribute a cash dividend of 35% of par value, equivalent to QAR 3.5 per share. The General Assembly further approved the appointment of KPMG as external auditors for 2017.
During the General Assembly meeting, HE Sheikh Ali bin Jassim bin Mohammad Al Thani, Chairman of Milaha’s Board of Directors, presented an overview of the company’s activities and financial results for 2016 along with an outlook for 2017.
The Chairman said: “We managed to remain profitable in 2016 despite the challenges in many of the industries and sectors in which Milaha operates. Operationally, we had several milestones on top of which are our historic agreement with the Qatar Ports Management Company (Mwani Qatar) to manage the first phase of Hamad Port and the launch of our office in Singapore.”
The Chairman added: “Going forward, our multi-year strategy will ensure that we continue to invest for the future, and further strengthen our capabilities to serve our customers more effectively and efficiently.”
During the meeting, the Chairman provided shareholders with answers to all the questions that were raised.
Milaha’s net profit for 2016 was QAR 711 million compared to QAR 1.095 billion reported the previous year. Shareholders can review the company’s financial statements for more information.
As part of the Extraordinary Meeting, the General Assembly approved the recommendation to amend several articles in the company’s Articles of Association as per the provisions of the Commercial Companies Law.
Dividend distribution will commence starting March 22, 2017 through all of Qatar National Bank (QNB) branches. QNB has been appointed official Dividend Distribution Agent and will provide dividend distribution, dividend account administration and other administrative support services to ensure shareholders have easier and more efficient access to their earned dividends.
Milaha’s Extraordinary General Assembly approved the addition of truck trading activity to the company’s operations; a new provision to ensure the rights of the company’s minority shareholders, as required by the Qatar Financial Markets Authority; and amending the provision of Article 34 of the company’s Articles of Association.
The company was established in July 1957 as the first public shareholding company registered in Qatar and holds commercial registration no. 1. Milaha’s current activities include marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management.
The legal entity, Qatar Navigation Q.P.S.C. (QNNS:QD), is publically listed on the Qatar Exchange. For further details, please visit the company’s website www.milaha.com.