Mannai Corporation held the analysts meeting for the Press and Investors at the Hyatt Hotel, Doha on 17th August, 2010.
Mr. Alekh Grewal, Chief Executive Officer gave a brief presentation on the company’s development activities during the period. Mr. Alekh Grewal reported that Mannai Corporation continues to expand its operations regionally.
Mansoft Qatar, a wholly owned subsidiary of Mannai Corporation acquired a 75% interest in UtilNet in Jordan. This acquisition will further strengthen its software business by providing additional capabilities to its portfolio offering.
Mannai Corporation opened an office in Qatar Science & Technology Park for carrying out development work on application software.
Mansoft Qatar, opened a branch office in Oman to further strengthen the group’s position as a leading IT solutions provider in the region. Mansoft has already secured its first order in Oman.
Transfield Services Mannai Oil & Gas WLL (TSMOG) became fully operational and firmly established its presence in serving the needs of the highly demanding customers in the Oil & Gas Industry in Qatar.
Mannai Corporation continues to develop its facilities to service its customers in Qatar’s growing economy :
Manweir’s (Engineering subsidiary) expanded workshop in Salwa is now fully operational.
A new engineering workshop in Ras Laffan is currently under construction and will be operational by the 2nd quarter 2011.
Mr. Arvind Chaddha, Chief Financial Officer gave an overview of the company’s financial performance for the period ended 30 June 2010.
Mannai Corporation reported a net profit of QR126.1M compared to QR105.4 M in the corresponding period in the previous year.
All the various business segments continued to be profitable. The return on equity in the first half year increased to 33% on an annualized basis from 25% for the year ended 31 December 2009.
Earnings per share rose to QR5.31 compared to QR 4.44 in the first half of 2009.