Sheikh Ali bin Jassim bin Mohammad Al-Thani, Chairman of the Board of Directors

The Board of Directors of Qatar Navigation (Milaha) Q.S.C. met on March 22, 2012 and approved the financial statements for the year ended December 31, 2011. The Board of Directors also decided to recommend to the General Assembly to distribute a cash dividend of 35% of the face value per share.

Milaha’s Ordinary and Extraordinary General Assembly Meeting will take place at 6 pm on April 15, 2012 at the Mirqab Ballroom, Four Seasons Hotel Doha.

The financial statements highlighted the following for the year ended December 31, 2011:

2010 (in millions of QR)
2011 (in millions of QR)
Revenue
2,129
2,144
EBITDA
789
761
Net profit
1,099
711
Earnings per share
9,59
6,21

The Board of Directors recommends to the General Assembly a 20% increase in capital through a rights issue, after completing all required formalities and obtaining necessary approvals. The objective of the capital increase is to fund Milaha’s growth plans in its core businesses in the coming years.

The Board of Directors has also approved a share re-purchase program of up to 5% of the outstanding shares of the company, to be funded through its significant investments portfolio. This program will be implemented once the company has obtained all the approvals and completed all the necessary steps.