Milaha develops multi-year strategy; focus on SE Asia

Qatar Navigation (Milaha) has developed a multi-year growth strategy and is eying medium and long term growth. The company has set up operations in Singapore to target South East Asian market, said Sheikh Ali bin Jassim bin Mohammad Al Thani, Chairman of Milaha addressing shareholders at its Ordinary General Assembly meeting held yesterday.
“Despite the difficult market conditions, I am pleased to say that Milaha generated a healthy net profit of QR711m. We achieved an operating profit of QR555m in 2016, while many of our peers in various sectors struggled much to achieve profitability. The company also developed a multi-year strategy focused on growth, and continued to invest in new markets and new capabilities with an eye towards medium and long term growth,” said Sheikh Ali bin Jassim bin Mohammad Al Thani, Chairman of Milaha at the meeting held at the Four Seasons Hotel yesterday.
“Within this pursuit we have set up operations in Singapore to target the South East Asian market, and made significant investments in state-of-the-art warehousing in Qatar, all of which should bear fruit in the years to come. Most importantly, we signed an agreement with Qatar Ports Management Company (Mwani Qatar) to form a new entity, QTerminals, to manage Phase 1 of Qatar’s new Hamad Port,” he added.
The Ordinary General Assembly also ratified all the remaining items on the Agenda, including the proposal by the Board of Directors to distribute a cash dividend of 35 percent of par value, equivalent to QR3.5 per share.
“In addition to investing in new markets and capabilities, Milaha undertook a significant effort to further improve its corporate governance in preparation for growth. The Board of Directors evaluated the company’s strategy, approved its multi-year growth plans and implemented a cost management plan,” said the Chairman.  
Dividend distribution will commence from March 22. .