S'hail Shipping AGM Approves Distribution Of 10% Cash Dividend

(MENAFN- The Peninsula) The Peninsula

Doha, Qatar: S'hail Shipping and Maritime Services QPJSC (a 100% Qatari company) held its 7th Annual General Meeting at Sultan Beach Resort in Al Khor on 20th February.

During the AGM, Vice-Chairman Jaber Ali Al-Mohannadi addressed the shareholders on behalf of Chairman and Managing Director, Mohamed Khalifa Al Sada.

In his address. Al Mohannadi stated that since its foundation in the year 2016, S'hail has emerged as a shining example of Qatari initiative and resilience with a distinctive ownership structure that sets it apart from conventional enterprises when it pioneered crowdfunding among local Qatari citizens to build a groundbreaking ship-owning company.

This unique approach has not only generated substantial wealth but has also become a symbol of innovation and community collaboration, he proudly mentioned.

Al Mohannadi emphasised that at the heart of company's success lies operational excellence which is distinctly reflected in company's robust financial performance despite deceleration in macroeconomic conditions, climatic disruptions and escalating geopolitical conflicts in various regions.

Leveraging company's expertise in operating dry bulk carriers and a profound understanding of the complexities of marine industry, S'hail has
consistently delivered commendable financial results thus upheld the success of our strategic decision-making and created optimal value for all stakeholders, he informed the shareholders. Considering the healthy net profit, 10% cash dividend was declared at the AGM.

With this, the total dividend declared by the company since inception becomes QR130m (average of 11.5% per year).

On the sidelines of the AGM, Rajiv Pal, CEO said, during the last 7 years, we have successfully navigated through a highly complex and volatile world trade that has recently become increasingly threatened by upheavals in geo-politics.

He stated that the foundation of S'hail's future growth lies in continuation of its expertise in risk management and accumulated surplus funds from past revenues which remain instrumental in bolstering fleet expansion, long-term sustainability, and investments in profitable business opportunities.

By the end of financial year 2023 since inception, S'hail's ships have successfully completed 291 voyages, moving around 18 tons of dry bulk commodities like grains, coal, iron ore, and other minerals across major global ports in the USA, South America, Australia, Europe, Africa and Asia.

This operational feat visibly demonstrates company's substantial contribution to the growth of Qatar's non-oil and gas sector and its pivotal role in Qatar's prosperity, in alignment with its own achievements, he added.

Al Mohannadi concluded by underlining that S'hail's growth extends beyond a corporate dream, and as we enter year 2024, we eagerly anticipate turning our future plan into reality in harmony with Qatar Vision 2030, a comprehensive blueprint for the country's sustainable development.

Along with shareholders, Vice-Chairman and CEO, other Board Members, Mohamed Khamis Al Shahwani, Rashid Jassim Al Mohannadi, Hussain Mohammed Al Fadala, Ali Hussain Al Sada and Sultan Zaher Al Muraikhi also attended the AGM.


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