DOHA: Qatar Navigation (Milaha) yesterday held its Annual General Meeting (AGM) and ratified all the items on agenda of the meeting, including Board’s recommendation to distribute a 50 percent cash dividend to its shareholders, which is equivalent to QR5 per share.
The process of dividend distribution will commence from March 23 through 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. The General Assembly also approved the appointment of KPMG as external auditors for the year 2016. Milaha earlier reported a net profit of QR1.09bn for the full-year ended December 31, 2015, a 4 percent increase compared to the same period in 2014. The Company’s operating revenues increased by 14 percent to QR2.99bn, up from QR2.63bn from a year ago.
The operating profit of the company increased 18 percent to QR772m, up from QR656m. Milaha’s Earnings Per Share (EPS) increased to QR9.63 during the year, up from QR9.23 for the same period in 2014. The Ordinary General Assembly meeting was chaired by Sheikh Ali bin Jassim bin Mohammad Al Thani, Chairman of Milaha’s Board of Directors, during which the company’s audited financial results for the year ended December 31, 2015 were approved.
Sheikh Ali said: “2015 was a year of milestones for Milaha as we launched a first of its kind direct shipping service between Qatar and India, secured new contracts, and increased our market share in several sectors.”
He added: “Despite difficult market conditions, our growth this year was driven by significant improvement in our core businesses – maritime and logistics, gas and petrochemicals, and offshore services – and this is an indication of the success of our growth strategy as we build a stronger foundation for our future.”
During the meeting, the Chairman provided shareholders with detailed answers with regards to all the questions that were raised. As part of the Extraordinary Meeting, the General Assembly approved the recommendation to amend several articles in the company’s Articles of Association as per the provisions of the Commercial Companies Law.
Milaha Maritime & Logistics’ revenue grew by 26 percent and net profit by 133 percent, driven by strong trade volume growth related to increased infrastructure and other project activity in Qatar. Milaha Gas & Petrochem’s revenue grew by 51 percent and net profit by 6 percent, on the back of strong performance from its fully owned and operated product tankers and gas carriers, as well as investments in associates.