Qatar Navigation (Milaha) Q.S.C. announced that its Ordinary General Assembly, in its meeting on March 31, 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 37.5% of the nominal share value (equivalent to QR 3.75 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 2012 along with highlights of business plans for the year 2013. The Chairman stated that “2012 was another exciting and challenging year for Milaha, one in which we showed strongly improved financial performance while continuing to keep one eye on our long term strategic goals. We continued our journey along a transformative path, making significant changes in the way we operate, while acquiring and developing new capabilities that are critical to realize our long term vision.”

HE Sheikh Ali stated “The combination of a dynamic Qatari economy and our own significant, internal efforts to optimize productivity within Milaha contributed to a strong year overall. However, the challenges faced by the global shipping industry continued to make themselves felt in some of our core sectors.” Net Profit for 2012 reached QR 835 million, a 17% increase over 2011. Shareholders can review the company’s financial statements for more information.

During the meeting, the Chairman provided shareholders with detailed answers with regards to all questions raised.
Due to lack of quorum, the extraordinary general assembly meeting will be held on Wednesday April 3, 2013 at the W Hotel, the Great Room, at 4:30 pm.

Dividend distribution will commence starting April 7, 2013 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.