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Mannai Corporation Annual General Assembly 23 March 2016

Company: Mannai Corporation
Release Date: March 23, 2016

Mannai Corporation QSC   (Qatar Exchange: MCCS), General and Extra Ordinary Assembly meetings were held at Grand Hyatt Hotel, Doha at 4.00 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 2015.

Financial Highlights on a consolidated basis :

  • Group Turnover : QR 5.9 Billion.
  • Net Profit of the year : QR 533 Million.
  • The Group’s overseas operations contributed 43% of the overall profit of the Group.
  • Return on Equity is 24%.
  • Earnings Per Share : QR 11.68.
  • Approved cash dividend of 50% (QR 5.00 per share). 

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 Capital and Reserves of Mannai have  almost tripled over the last 5 years from QR 866 million to QR 2.4 billion at the end of 2015, and earnings from overseas operations have grown to 43% of the overall profit of the Group. Qatar has continued to provide a solid base for the Company and its future growth.” 

H.E. Sheikh Suhaim Bin Abdulla Bin Khalifa Al Thani  added that in consideration of the sound operating performance in 2015 and Mannai’s future plans for growth, the Board was pleased to recommend a dividend of 50% in respect of 2015. 

Alekh Grewal, Group Chief Executive Officer and Director said “Mannai is on course to acquire a 51% shareholding in GFI Informatique, a French Public Listed company, once the necessary regulatory approvals have been completed in France. This acquisition will further diversify Mannai’s international footprint and earnings stream.” 

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