Mannai Corporation QPSC (Qatar Exchange: MCCS), Ordinary General Assembly meeting was held at Grand Hyatt Hotel, Doha at 4.00 p.m.
H.E. Sheikh Suhaim Bin Abdulla Bin Khalifa Al Thani, Vice Chairman of the Company, Chaired the meeting and highlighted the company’s financial performance in 2016.
Group Turnover : QR 4.88 Billion.
Net Profit for the year : QR 535 Million.
The Group’s overseas operations contributed 44.53% of the overall profit of the Group.
Return on Equity is 22%.
Earnings Per Share : QR 11.73
Approved cash dividend of 40% (QR 4.00 per share)
On behalf of the H.E. Sheikh Hamad Bin Abdulla Bin Khalifa Al Thani, Chairman of the Company, H.E. Sheikh Suhaim Bin Abdulla Al Thani, said, “Over the last 10 years the total assets of Mannai have grown from QR 1 Billion to almost QR 8 Billion today, and the Capital and Reserves of the Company have increased from QR 529 Million to QR 2.58 Billion in support of that growth”.
H.E. Sheikh Suhaim also said that as a result of the Company’s strength of earnings the Board was pleased to recommend dividend to 40% for 2016.
Alekh Grewal, Group Chief Executive Officer and Director said, “Earnings from GFI informatique acquired during the year helped in reporting another year of record profit. The company’s strategy of diversifying its earnings geographically and across different business segments has enabled the company to maintain its level of profits and is well positioned to take advantage of its diverse capabilities across the various business segments and geographies”.