Mannai Continues Strong Growth

Company: Mannai Corporation
Release Date: March 17, 2008

At its Ordinary General Assembly meeting held at the Intercontinental Hotel, Doha on Monday, 17th March, Mannai Corporation Chairman H.E. Sheikh Hamad Bin Abdulla Bin Khalifa Al Thani said

“The company continued its strong growth trend during 2007, which has resulted in a 56% increase in net profit in 2007 compared with the previous year.

In support of the company’s opportunities for growth, the shareholders doubled the paid-up capital of the company during 2007 from QR 60 Million to QR 120 Million, firstly by the issue of 4 million bonus shares in March and then in May by a Private Placement of a further 2 million shares.

The Board was also expanded and in July, I was pleased to welcome H.E. Sheikh Suhaim bin Abdulla Bin Khalifa Al Thani and Mr. Ali Yousuf Kamal as members of the Board.

As a further important step in the development of Mannai Corporation the company had the honour of being listed on the Doha Securities Market in August, 2007.

At the December Board meeting, Mr. Khalid Mannai offered his resignation as Vice Chairman to concentrate on his duties as an Executive Director in the company and Sheikh Suhaim was elected as Vice Chairman. The Board expressed its thanks to Khalid Mannai for his loyal service as Vice Chairman.

Also at the December Board meeting Sheikh Suhaim was appointed Chairman of the Executive Committee, Mr. Khalid Mannai was appointed Vice Chairman of the Executive Committee and Mr. Ali Yousuf Kamal was appointed as an additional member of the Audit Committee.

The strengthening of the capital base and the Board was made in support of the expanding business and in preparation for longer term developments. At the same time, the company continued to invest in the expansion of its infrastructure and facilities to prepare for its future needs.

My sincere thanks go to all managers and staff of the diverse range of businesses in Mannai, for their individual contributions towards the continued growth and achievements of the Company in 2007.

Also underlying the Company’s growth, is of course the buoyant economy in Qatar thanks to the wise leadership of the Emir, HH Sheikh Hamad Bin Khalifa Al Thani and the Heir Apparent HH Sheikh Tamim Bin Hamad Al Thani.

I take this opportunity to express our delight in welcoming Qatar Foundation for Education, Science and Community Development as a 10% shareholder.

In recognition of the shareholders firm support of the Company, in its first year of operation as a Public Company, the Board has recommended a cash dividend of 40% (being QR 4 per share) and a bonus issue of 20% (being 1 share for every 5 shares held).

Looking forward, I am pleased to say that I believe our Company is well positioned to benefit from the opportunities the sound Qatari economy presents in 2008 and in the year’s ahead”.

In the Directors Report approved at the meeting, it was stated that Mannai’s sales increased by 39% in 2007, on top of the 37% growth achieved in 2006.

In the two year period, 2006 and 2007, sales grew by QR 758 Million, which is over 90% above the level in 2005.

Net profit for 2007 increased by 56% to QR 100.5 Million.

A summary of the business achievements in 2007 included :

Growth in sales of 39%.

Growth in net profit of 56%.

Doubling of paid-up capital, to QR 120 million.

Listing of shares on the Doha Securities Market.

Expansion of the Board and strengthening of Corporate Governance.

Recommendation of 40% dividend and issue of 20% bonus shares.

Upgrade of computer systems to Oracle E-Business Suite.

Expansion of vehicle storage and warehouse capacity.

Signing of bank working capital facilities through to December 2009.

The company enters 2008 with confidence, the business on a strong footing and the prospect of a buoyant domestic economy.

At the Extraordinary General Assembly following the Ordinary General Assembly, the shareholders voted to increase the capital of the company by the issue of 2,400,000 bonus shares, being 1 share for every 5 shares held. The shareholders also authorised the Board to retain any fractions of shares as equity.

The Chairman, H.E. Sheikh Hamad Bin Abdulla Al Thani announced that a proposal from Qatar Foundation has been received following their acquisition of a 10% stake in Mannai Corporation, to nominate Mr. Rashid Fahad Al Nuami as a Director. The Chairman recommended the nomination to the shareholders and Mr. Rashid Fahad Al Nuami was duly elected as an additional member of the Board.

HE Sheikh Hamad welcomed Mr. Rashid Fahad Al Nuami of Qatar Foundation to the Board and thanked the shareholders for their support.



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