(MENAFN- The Peninsula) By Mohammad Shoeb / The Peninsula
DOHA: Qatar Navigation (Milaha) will make huge investments for expanding operations and capabilities in Qatar and overseas as part of its long term plan to improve efficiency and profitability.
The company also aims at further redefining its strategy to focus on generating higher returns to safeguard the interests of the company's shareholders during this year and coming years.
'We will intensify our efforts in 2018 and beyond based on our strategic plan, which combines strong local expansion, selective international expansion in key sectors, and optimisation of structural cost, Sheikh Ali bin
Jassim bin Mohammad Al Thani, Chairman of the Board of Directors of Milaha, said while addressing the company's AGM, yesterday.
Sheikh Ali added: 'Milaha remains strong financially, and we will continue to invest for the future, and further increase our capabilities to meet and anticipate customer requirements.
The Chairman also noted that 2017 was a year of celebration for Milaha as the company marked the 60th anniversary of its establishment. The company has grown from humble beginnings to become one of the Middle East's largest providers of marine transport and logistics solutions.
'On this occasion, I would like to express my gratitude to each of our shareholders and clients for believing in us and trusting in our ability to deliver. Milaha's journey of success would not have been possible without your support. I would also like to thank the staff and management of Milaha for their dedication and tireless efforts to take the company forward, he said.
The company reported a net profit of QR470m for the full-year 2017.
Operating revenues decreased by 2 percent to QR2.491bn for the twelve months ended December 31, 2017, down from QR2.551bn for the same period in 2016. Operating profit decreased by 19 percent to QR448m for the twelve months ended December 31, 2017, down from QR555m for the same period in 2016.
Earnings per share decreased to QR4.14 for the twelve months ended December 31, 2017, down from QR6.26 for the same period in 2016.
In a statement on 2017 performance review, Milaha's President and CEO Abdulrahman Essa Al Mannai, said: 'With the implementation of our multi-year growth strategy underway, we will continue to unlock new efficiencies within our business units and tap into new markets to invest in the future of our company.
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