Mannai Corporation QPSC (Qatar Exchange: MCCS) held an Ordinary General Assembly Meeting virtually using the Zoom application platform on Tuesday, 02nd April 2024 at 9.30 p.m. in Doha.
H.E. Sheikh Suhaim Bin Abdulla Bin Khalifa Al Thani, Vice Chairman of the Company, chaired the meetings and highlighted the company’s financial performance in 2023.
- Group Turnover: QR 5.67 Billion
- Revenue Growth: 6 percent
- Gross Profit: QR 1 Billion
- Net Profit: QR 170 Million
- Earnings Per Share: QR 0.37
Group Revenue for the year grew by 6% to QR 5.67 Billion, driven by the Information and Communication Technology business reached nearly QR 3 Billion Revenues, representing more than half of the total Revenue of the Group, Jewellery business continuing its year on year growth by 17% over last year and the Automotive Group revenues grew by 8% over last year.
Group Gross Profit was above QR 1 Billion, an increase of 16% compared to the QR 867 Million last year as a result of improved Gross Profit margins along with the Revenue growth.
Earnings before Interest and Taxes (EBIT) for the period were QR 425 Million. On a like-for-like basis, excluding profits from discontinued operations and related provisions, this was an increase of QR 91 Million compared to last year.
Group Net Profit for the year was QR 170 Million, down by QR 15 Million compared with the previous year due to the increased interest costs. Earnings per share amounted to QR 0.37 and the Board declared a dividend distribution of 25 percent of the nominal value of the share, equating to QR 0.25 per share.
