Qatar Navigation (Milaha) Q.S.C. announced that its Ordinary General Assembly, in its meeting on March 26, 2013 approved the company's audited financial results for the year ended 31 December 2012, one of the items on its agenda.
The General Assembly ratified all the remaining items on its Agenda including the proposal by the Board of Directors to distribute a cash dividend of 50% of the nominal share value (equivalent to QR 5 per share). The General Assembly also approved the appointment of Ernst & Youngas external auditors for the year 2013.
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 2013 along with highlights of business plans for the year 2014. The Chairman stated that "2013 was an excellent year for Milaha financially."
HE Sheikh Ali stated "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 2013 reached QR 950 million, a 14% increase over 2012. Shareholders can review the company's financial statements for more information.
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," HE Sheikh Ali said. "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."
During the meeting, the Chairman provided shareholders with detailed answers with regards to all questions raised.
Dividend distribution will commence starting April 2, 2014 through all of Qatar National Bank (QNB) branches. QNB has been appointed official Dividend Distribution Agent and will provide dividend distribution, dividendaccount administration and other administrative support services to ensure shareholders have easier and more efficient access to their earned dividends.
Qatar Navigation QPSC is a Qatar-based public shareholding maritime and logistics company, which provides integrated transport and supply chain solutions. The Company, along with its subsidiaries, is engaged primarily in marine transport, acting as agent to foreign shipping lines, offshore services, sale of heavy vehicles, ship repair, fabrication and installation of offshore structures, land transport, chartering of vessels, real estate, investment in listed and unlisted securities, trading of aggregates, building materials and the operation of a travel agency. It is organized into the following business segments: Milaha Capital, Milaha Maritime and Logistics, Milaha Offshore, Milaha Trading, Milaha Gas and Petrochem and Milaha Corporate. Its subsidiaries include: Qatar Shipping Co QSC, Halul Offshore Services Co WLL, Macgregor Qatar Navigation Co WLL, Peninsula LNG Transport No 2 Ltd and Iraq Qatar Transport and Shipping Services Co Ltd, among others.
QATAR NAVIGATION Q.P.S.C. 
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