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General Assembly of Milaha Endorses Agenda
Items and Approves Distribution of 30% Cash Dividend
March 19, 2019
Qatar Navigation (Milaha) announced
the results of its AGM and EGM that were held on 18 March 2019,
at the Four Seasons, during which shareholders approved the
company’s audited financial results for the year ended 31
December 2018.
The General Assembly also approved
all the remaining items on the Agenda, including the Board of
Directors’ proposal to distribute a cash dividend, 30% of par
value, equivalent to QR3.00 per share. Moreover, 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 amounted to QR516 million, compared to QR470
million reported the previous year. The company’s earnings per
share stood at QR4.54 compared to QR 4.14 last year.
H.E. highlighted the company’s
successes, adding: “Last year Milaha made significant
achievements, as we demonstrated our firm’s 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 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, on the
other hand, 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 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.
To view the Distribution Dividends,
click
here
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