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Annual General Assembly and Extraordinary General Assembly

Company: Mannai Corporation
Release Date: March 20, 2013

Qatar, 20 March, 2013 – Mannai Corporation QSC (Qatar Exchange: MCCS), General Assembly meeting was held at Grand Hyatt Hotel, Doha at 6.30 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 2012.

 

Financial Highlights on a consolidated basis :

  • Group Revenues up 108% to QR 4.77 Billion (FY2011: QR 2.29 Billion)
  • Net profit grew up by 43% to QR 400 Million (FY2011: QR 279 Million)
  • Earnings per share up by 16% to QR 10.43 (FY 2011 : QR 9.01)
  • Approved cash dividend of 47.5% (QR 4.75 per share)  
  • The Group maintains a strong balance sheet with net assets at the end of 2012 amounting to QR 2.6 Billion and a debt : equity ratio of 0.96 : 1
  • 48% of the revenue was earned from outside Qatar.

 

The Extraordinary General Assembly meeting was also held after the General Assembly meeting.     

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, has three main aims : 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, Mannai’s Capital & Reserves have more than tripled over the last 2 years from QR 457 Million in 2010 to QR 1.54 Billion in December 2012, keeping our balance sheet in good shape to explore future opportunities.

Alekh Grewal, Group Chief Executive Officer and Director said “Mannai’s acquisition in 2012 of a 66% stake in Damas is a defining moment in the history of the Company.  With this acquisition the company has taken a major step forward achieving a revenue of over US $ 1.3 Billion

At the AGM, HE. Sheikh Suhaim Bin Abdulla Bin Khalifa Al Thani and Mr. Alekh Grewal – Group CEO & Director unveiled the new logo of Mannai Corporation after a period of around 60 years.

The acquisition of Damas and the stake in Axiom shows Mannai Corporation’s strategic geographic expansion while continuing to participate in the major infrastructure development projects in Qatar. 

The new logo represents Mannai Corporation’s global aspirations.

Our new logo represents Mannai Corporation’s strength, the Mannai Way and a sense of working together


Our new logo represents Mannai Corporation’s longevity.

The new logo represents our future. 

The future of Mannai Corporation.

 

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