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ANNUAL GENERAL ASSEMBLY 23RD MARCH, 2014

Company: Mannai Corporation
Release Date: March 23, 2014

Mannai Corporation QSC (Qatar Exchange: MCCS), General Assembly meeting was held at Grand Hyatt Hotel, Doha at 6.00 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 2013.

 

Financial Highlights on a consolidated basis:

  • Group Revenues up 17.5% to QR 5.6 Billion  (FY2012: QR 4.7Billion)
  • Net profit grew up by 16.3% to QR 539 Million (FY2012: QR 464 Million)
  • Earnings per share stood at QR 9.78
  • Approved cash dividend of 55% (QR 5.50 per share)  
  • The Group maintains a strong balance sheet with net assets at the end of 2013 amounting to QR 2.4 Billion and a debt : equity ratio of 0.80 : 1

 

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 the Board’s medium term strategy continues to be to maintain a strong capital base for growth, expansion of the Company’s overseas earnings and the continued development of our core business in Qatar.

H.E. Sheikh Suhaim also said  that as a result of the Company’s strength of earnings from Qatar and our international operations the Board was pleased to recommend an increase in dividends from 47.5% in the previous year to 55% in respect of 2013.  

Alekh Grewal, Group Chief Executive Officer and Director said our international diversification strategy has contributed 51% of revenues from international operations, which has enabled the Corporation to deliver another year of record profits.

 

Enclosures :

  • The Chairman’s statement
  • The 2013 Financial statements
  • Corporate Governance Report

 

 

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