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Qatar Navigation (Milaha) held its Ordinary General Assembly meeting on March 16th this year. H.E. 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 2015, when net profits were up by 4%, along with highlights of business plans for the year 2016.
Sheikh Ali said: “2015 was a year of milestones for Milaha as we launched a first of its kind direct shipping service between Qatar and India, secured new contracts, and increased our market share in several sectors. Despite difficult market conditions, our growth this year was driven by significant improvement in our core businesses – maritime and logistics, gas and petrochem and offshore services – and this is an indication of the success of our growth strategy as we build a stronger foundation for our future.”
During the meeting, the General Assembly also approved a 50% dividend to shareholders. Last year Milaha Maritime & Logistics’ revenue grew by 26% and net profit by 133%, driven by strong trade volume growth related to increased infrastructure and other project activity in Qatar. Milaha Gas & Petrochem’s revenue grew by 51% and net profit by 6%, on the back of strong performance from its fully owned and operated product tankers and gas carriers, as well as investments in associated businesses.
