Mannai Corporation QSC (Qatar Exchange: MCCS), today announced its half year results for the period ended 30th June, 2015.
Mannai Group Revenue increased by 11% to QR 3.1 Billion in the first half of this year compared to the same period in 2014.
Gross Profit increased by 30% boosted by a strong contribution from infrastructure projects in Qatar.
‘Other Income’ of QR 308.8M in the previous period (QR 49.7M in this first half), was mainly due to the significant level of one-off income in DAMAS in the first half of 2014 from the culmination and success of the turnaround activity and restructuring of the DAMAS business.
Consequently, Group Net Profit overall, reduced to QR276.3M in the first half of 2015 compared to QR 315M in the same period last year.
The Qatar businesses performed exceptionally well in the first 6 months, reflecting the strong Qatari economy, with our Information Technology business, Automotive, Energy& Industrial and Gulf Laboratories businesses delivering strong year-on-year growth in profits.
Alekh Grewal, Group CEO and Director, said “the underlying core earnings of the Group grew by 22% in the first half year, and the ongoing healthy trend in our Qatari businesses coupled with the contribution from DAMAS gives confidence for a strong performance in the remainder of the year.”