Milaha held its Ordinary General Assembly meeting on Sunday, March 22nd, 2020 at Milaha Headquarters, during which shareholders approved the company’s audited financial results for the year ending 31 December 2019.
The General Assembly ratified all items on its agenda, including the proposal by the Board of Directors to distribute a cash dividend, 30% of the par share value, amounting to 0.3 Qatari Riyals per share. The General Assembly also approved the appointment of KPMG as External Auditors for the year 2020.
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 2019. Milaha’s net profit for 2019 was QAR 547 million and Earnings per share QAR 0.48.
H.E. Chairman of the Board of Directors noted Milaha’s continuous development during 2019, as part of Milaha’s long-term plan to enhance its operations and accelerate its internal and external growth. On a commercial level, Milaha has expanded its capacity and services portfolio in many of its main business sectors, such as Milaha Maritime & Logistics and Milaha Offshore support, in addition to Milaha Gas and Petrochem, which witnessed an increase in our share in Nakilat by 6% during the year, which bolstered its success and its position as one of the leading regional providers of maritime and logistics services.
Commenting on Milaha’s 2020 outlook, H.E. added that Milaha will continue to develop its facilities and expand into new markets while accelerating its digital transformation to further contribute to Qatar’s supply chain connectivity. He also added that as a result of the constant and continuous support from all official authorities in Qatar, which empowers Milaha to contribute to Qatar’s transition towards a diversified and sustainable economy in line with Qatar National Vision 2030.
Dividend distribution will commence on Monday, March 23rd through all Qatar National Bank (QNB) branches. QNB will provide full support services to ensure shareholders can efficiently collect and manage their earned dividends.