The Ordinary and Extraordinary General Assembly of Qatar Navigation Q.P.S.C. (Milaha) held its annual meeting this evening at the company’s headquarters via the video conference platform, where the shareholders approved the agenda of the Ordinary Assembly meeting, including the audited financial results of the company for the ending fiscal year. On December 31, 2022 .
The Ordinary General Assembly also approved the Board of Directors’ recommendation to distribute cash dividends of 35% of the nominal value of the share, at 0.35 Qatari riyals per share. The Ordinary General Assembly also approved the appointment of a company "PricewaterhouseCoopers" As an auditor for the year 2023.
During the virtual meeting, His Excellency Sheikh Jassim bin Hamad bin Jassim bin Jabor Al Thani, Chairman of Milaha’s Board of Directors, presented a summary of the company’s activities and details of its financial results, as Milaha’s net profit amounted to 1.013 billion Qatari riyals in 2022 compared to 724 million riyals. Qatari for the year 2021.
In his speech, His Excellency the Chairman of the Board mentioned that the financial results witnessed growth and increases in profit rates. On the operational side, there is a significant development in the quality of services and basic business provided by Milaha, which reflected positively on the progress of the group’s performance.
The Extraordinary General Assembly also approved increasing the percentage of non-Qatari ownership in the company’s capital from 49% to 100%, after obtaining all approvals from the concerned authorities. With the authorization of His Excellency / Chairman of the Board of Directors to complete all necessary procedures.
We note to our esteemed shareholders that the dividend distribution process will begin on Monday, corresponding to March 13, 2023, through all branches of Qatar National Bank (QNB), which will provide shareholders with all necessary services to ensure that they receive their due profits.
