Milaha approves dividend recommendation

 28 Mar 2014 - 8:09

Milaha Chairman Sheikh Ali bin Jassim bin Mohammad Al Thani (fourth right) and Vice Chairman Sheikh Khaled Al Thani (fourth left) with other officials at the ordinary general assembly meeting. Salim Matramkot

DOHA: The ordinary general assembly of Qatar Navigation (Milaha) ratified all the remaining items on its agenda including the recommendation by the board of directors to distribute a cash dividend of 50 percent of the nominal share value (equivalent to QR5 per share), said a press statement. 
The general assembly also approved the appointment of Ernst & Young as external auditors for the year 2013.
During the meeting, held on Wednesday, Chairman Sheikh Ali bin Jassim bin Mohammad Al Thani presented an overview of the company’s activities and financial results for 2013 along with highlights of business plans for the year 2014. “2013 was an excellent year for Milaha financially,” he said.
Sheikh Ali said: “We were aided by strong market growth in Qatar, as well as significantly improved performance in a number of our core business areas.” 
Net profit for the full year ended December 31, 2013 reached QR950m, a 14 percent increase over 2012. The chairman also highlighted Milaha’s significant progress over the past four years, since the acquisition of Qatar Shipping in 2010.
“I’m proud to say that Milaha has come a long way since then. We have made significant progress by almost any indicator,” Sheikh Ali added. “We are a much stronger, more profitable and more sustainable company than we were a few years ago, and have built a strong foundation to take us forward into our next stage of growth.”
Dividend distribution will commence starting April 2, through all of Qatar National Bank (QNB) branches. The Peninsula