Qatar Navigation (Milaha) Q.S.C. announced that its Ordinary General Assembly, in its meeting on March 18, 2015 approved the company’s audited financial results for the year ended 31 December 2014, one of the items on its agenda.
The General Assembly ratified all the remaining items on its Agenda including the proposal by the Board of Directors to distribute a cash dividend of 55% of the nominal share value (equivalent to QR 5.50 per share). The General Assembly also approved the appointment of Ernst & Youngas external auditors for the year 2015.
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 2014 along with highlights of business plans for the year 2015. The Chairman stated that “Looking back, 2014 was an excellent year for Milaha financially.”
HE Sheikh Ali stated “Milaha continued its effort to build a stronger and more sustainable foundation for our future.” Net profit for 2014 reached QR 1,049 million, a 10% increase over 2013. Shareholders can review the company’s financial statements for more information.
The Chairman also highlighted Milaha’s significant progress. “When we reported our first half results of 2014, our net income was down. A much stronger second half relative to 2013 drove a net profit increase backed by strong performance in our gas and petrochem segment, and gains in our investment portfolio.”
During the meeting, the Chairman provided shareholders with detailed answers with regards to all questions raised.
Dividend distribution will commence starting March 24, 2015 through all of Qatar National Bank (QNB) branches. QNB has been appointed official Dividend Distribution Agent and will provide dividend distribution, dividendaccount administration and other administrative support services to ensure shareholders have easier and more efficient access to their earned dividends.
At the conclusion of the AGM, the General Assembly elected the following Board of Directors for the next three-year term from 2015 to 2017: HE Sheikh Ali bin Jassim bin Mohammed Al-Thani as Chairman of the Board, HE Sheikh Khalid bin Khalifa Al Thani representing Qatar Petroleum as Vice Chairman of the Board; HE Sheikh Jassim bin Hamad bin Jassim Al-Thani; Mr. Saad Mohammad Al-Rumaihi; Mr. Hamad Mohammad Al-Mana; Mr. Adel Ali bin Ali representing Ali Bin Ali Organization; Mr. Salman Abdullah Abdulghani; Dr. Mazen Jassim Jaidah; Mr. Ali Ahmad Al-Kuwari; Mr. Sulaiman Haidar Sulaiman; and Mr. Ali Hussain Al-Sada, as members of the Board. Reserve members include: HE Sheikh Suheem bin Abdulaziz bin Suheem Al Thani, and Mr. Mohammed Nasser Al Qahtani.
As part of the Extraordinary Meeting, the General Assembly approved the recommendation to amend articles in the company’s Articles of Association to increase the company’s foreign ownership limit up to 49%, as well as amendments to Article 47 which relates to General Assembly invitations to shareholders as per provisions in the amended article of the Commercial Companies Law.