Milaha held its Ordinary and Extraordinary General Assembly meeting on March 18, 2019, at the Four Seasons, during which shareholders approved the company’s audited financial results for the year ending 31 December 2018.
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, 30% of par value, which is equivalent to QAR 3.00 per share. The General Assembly approved the appointment of KPMG as external auditors for the year 2019.
During the General Assembly meeting, H.E. Sheikh Jassim bin Hamad bin Jassim Jaber Al-Thani, Chairman of Milaha’s Board of Directors, presented an overview of the company’s activities and financial results for 2018. Milaha’s net profit for 2018 was QAR 516 million compared to QAR 470 million reported the previous year. Earnings per share stood at QR 4.54 compared to QR 4.14 last year.
H.E. highlighted the company’s successes, adding: “Last year Milaha witnessed significant achievements, as we demonstrated our firm commitment to enhancing shareholder value and offering top-notch maritime and logistics services, thus contributing to the achievement of a diversified and sustainable economy in line with Qatar National Vision 2030. ” H.E. concluded by thanking the concerned parties in our wise government leadership for their continuous support.
Presenting an outlook for 2019, H.E. added that Milaha will continue to build on its strong position as a partner-of-choice in the maritime and logistics sector in Qatar, while simultaneously expanding beyond the region into other new, high-growth markets.
The Extraordinary Assembly, approved the split of the par value of the ordinary share to be QR 1 instead of QR 10, amend the articles of Association and to delegate to the Chairman or whomever he may designate to act on his behalf in this regard, the authority to sign the amended Articles of Association and to authenticate them before the relevant authorities.
Dividend distribution will commence on 19 March, 2019 through all Qatar National Bank (QNB) branches. QNB will provide full support services to ensure shareholders can efficiently collect and manage their earned dividends.