Qatar Navigation (Milaha) Q.P.S.C. announced that its Ordinary General Assembly, in its meeting on March 18th, 2018, approved the company’s audited financial results for the year ended December 31st, 2017.
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 35% of the nominal share value, which is equivalent to QAR 3.5 per share. The General Assembly also approved the appointment of KPMG as external auditors for the year 2018.
During the General Assembly meeting, H.E. 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 2017 along with highlights of business plans for the year 2018. The Chairman underlined the impact of industry-wide and geopolitical challenges on the company’s financial performance, adding that “signs of recovery are visible, and we are hopeful this will continue in 2018.”
The Chairman praised the company’s “adaptability and resilience” in the aftermath of the Gulf crisis as it launched new direct shipping services to Oman, Kuwait, India, Pakistan, and Turkey, and deployed additional assets to mitigate the impact of the crisis on Qatar’s supply chain.
Highlighting the company’s achievements in 2017, the Chairman said: “Among our strategic milestones in 2017 is the launching of QTerminals, the ports and terminals operator, jointly with Qatar Ports Management Company (Mwani Qatar) to manage the first phase of Hamad Port. The port has achieved record numbers in cargoes and volumes handled in 2017 as post-blockade seaborne trade almost tripled from previous averages. Additionally, we soft launched the first phase of Milaha Logistics City, which marks our entry into cold chain solutions. The new facility will enhance Milaha’s standing as a leading provider of logistic services as well as Qatar’s position as a vital regional hub for maritime shipping and logistics.”
During the meeting, the Chairman provided shareholders with detailed answers to all the questions that were raised.
Milaha’s net profit for 2017 was QAR 470 million. Shareholders can review the company’s financial statements for more information.
Dividend distribution will commence starting April 1, 2018 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.
At the conclusion of the AGM, the General Assembly elected the following Board of Directors for the next three-year term from 2018 to 2020: H.E. Sheikh Jassim bin Hamad bin Jassim Al Thani; H.E. Sheikh Khalid bin Khalifa Al Thani representing Qatar Petroleum; Mr. Hitmi Ali Khalifa Al-Hitmi representing Ali Bin Khalifa Al-Hitmi & Co.; Mr. Ali Ahmad Al-Kuwari; Mr. Adel Ali bin Ali representing Ali Bin Ali Group; Mr. Sulaiman Haidar Sulaiman; Mr. Saad Mohammad Al-Rumaihi; Mr. Salman Abdullah Abdulghani; Dr. Mazen Jassim Jaidah; H.E. Abdulrahman bin Saud bin Fahd bin Jassim Al Thani; Mr. Hamad Mohammad Al-Mana as members of the Board.
H.E. Sheikh Suheem Khaled Hamad Abdullah Al Thani, Mr. Muhammad Ibrahim Muhammad Al-Sulaiti, Mr. Saad Mohammed Fahad Buzwair representing Buzwair Real Estate, and Mr Ismail Ali Abdallah Al-Emadi were elected as reserve members of the Board.
The elected Board appointed H.E. Sheikh Jassim bin Hamad bin Jassim Al Thani as its Chairman and H.E. Sheikh Khalid bin Khalifa Al Thani as the Vice Chairman.