(MENAFN- The Peninsula) The Peninsula
DOHA: S''hail Shipping and Maritime Services, one of the fastest growing Doha-based shipping company which mainly transports and delivers dry bulk commodities globally, has declared 10 percent dividend for 2019 on the back of strong performance and double-digit growth in revenues and net profit.
The Company held its 3rd annual general meeting recently, which was presided over by Mohammed Khalifa Al Sada, Chairman and Managing Director of S''hail Shipping. He declared that for the financial year 2019, the company recorded a 33 percent rise in revenue when compared to financial year 2018. Consequently, the net profit of the company also registered an impressive 33 percent increase from its previous year.
By the end of December-2019, the company''s fleet completed 101 voyages carrying a total cargo of about 5.7 million tonnes globally. Its ships called ports in Argentina, Brazil, Chile, Mexico, USA, Canada, Germany, Ireland, Spain, France, Morocco, Algeria, Senegal, Cameroon, Ghana, South Africa, Mozambique, India, Vietnam, Thailand, Indonesia, China, South Korea, Japan, Australia thus covering 6 of 7 continents carrying Soybean, Corn, Wheat, Rice, Iron Ore, Coal, Minerals, Cement Clinker, Fertilizer and other dry bulk commodities. Clearly, the company has been able to successfully face the challenge and worked hard to emerge stronger from the on-going blockade on the State of Qatar. The company and its ships are now connected to a larger global dry bulk shipping market which is anticipated to grow at a CAGR of 4.14 percent during the period 2019-2023 and the market is expected to be valued at $402.65bn in 2023.
It is important to note that the entire earnings of the company is generated in US dollars by competing for businesses outside the State of Qatar. This makes S''HAIL an unique local company which is now well integrated into the global trade and is proudly contributing valuable foreign exchange to the exchequer of the country purely by offering ocean transportation services to dry bulk commodity traders.
Al Sada at the AGM assured that the Board and the team at S''hail has been and will always remain committed to working tirelessly towards increasing the shareholder''s value. This commitment has yielded dividend in cash or stocks every year since the incorporation of the company in December 2016. For the financial year ending December 31, 2019, based on the financial condition and performance of the company, the company declared a 10 percent cash dividend.
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