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 of 50% of the nominal share value (equivalent to QAR 5 per share). The General Assembly further approved the appointment of KPMG as external auditors for the year 2016.
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 2015 along with highlights of business plans for the year 2016.
The Chairman 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.”
The Chairman added: “Despite difficult market conditions, our growth this year was driven by significant improvement in our core businesses – maritime and logistics, gas and petrochem, 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.
Milaha’s net profit for 2015 increased by 4% to QAR 1.095 billion up from QAR 1.049 billion in 2014. Shareholders can review the company’s financial statements for more information.
Dividend distribution will commence starting March 23, 2016 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.
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.
The company was established in July 1957 as the first public shareholding company registered in Qatar and holds commercial registration no. 1. Milaha’s current activities include marine transportation in gas, petroleum products, containers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management.
The legal entity, Qatar Navigation Q.S.C. (QNNS:QD), is publically listed on the Qatar Exchange.