Milaha reports QR835m net profit in 2012
DOHA: Qatar Navigation Company (Milaha) recorded a net profit of QR835m for the full year 2012, up 17 percent compared to the previous year. The company’s Earnings per share (EPS) amounted to QR7.31 for 2012 compared to QR6.21 in 2011.
The Board of Directors approved to recommend to the General Assembly to approve distribution of cash dividend totaling 37.5 percent of the capital to the shareholders, equivalent to QR3.75 per share.
Milaha s Maritime & Logistics segment net profit strongly improved over 2011, driven largely by port services and container feeder transport activities.
A one-time income related to an increased stake in 2 LNG carriers boosted the net profit of the Gas & Petrochem segment relative to 2011 by 5 percent. Net profit for Milaha’s offshore segment declined by 26 percent compared to 2011, largely due to unforeseen operation al issues in the first quarter of 2012.
Milaha Capital s profit rose 43 percent, mainly on the back of investment sales and increased gains from the Company s portfolio.
“2012 was another exciting and challenging year for Milaha, one in which we delivered strongly improved financial performance while continuing to make progress towards our long term strategic goals”, said Sheikh Ali bin Jassim Al Thani, Chairman and Managing Director of Milaha.
“The combination of a dynamic Qatari economy and our own significant internal efforts to optimize productivity within Milaha contributed to a strong year overall”.
Beginning Q1 2012, Milaha began reporting segment financials under its new structure, following the re-alignment of the company into a corporate entity and strategic business pillars.
Established in 1957, Qatar Navigation Company was the first public shareholding company registered in Qatar and holds commercial registration No. 1.
It’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 peninsula
Doha Insurance defers EGM to Wednesday
Doha: Doha Insurance has postponed its Extra-Ordinary General Meeting to March 20 due to lack of quorum for the meeting held here on Wednesday.
At its Annual General Meeting, the company’s shareholders approved its board of directors recommendation of distributing 10 percent cash dividends from the share’s par value of QR10 as well as bonus share at the rate of one share for each ten held shares.
The AGM also approved the company’s financial results, auditors’ report for the year ended December 31, 2012 as well as the Shariah supervisory Board report on the company’s Islamic branch Doha Takaful.
Established in 1999 and listed on Qatar Exchange, Doha Insurance share was Thursday down by 5.9 percent to QR26.30 after two trading transactions at 10.3am from its Wednesday afternoon closing at QR27.95.