Mannai Corporation QPSC (Qatar Exchange: MCCS), announced its first quarter results for the period ended 31st March 2024.
Group Revenue increased by 6% to QR 1.3 Billion for the first quarter 2024 as compared to the same period last year 2023, mainly driven by growth in the Jewellery Retail and Information and Communication Technology businesses.
Group Gross Profit for the period was QR 253 Million, representing an 11% increase compared to QR 227 Million for the same period last year, the result of the Revenue growth along with improved margins.
Group Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for the period grew by 10% to QR 130 Million compared to QR 119 Million for the same period last year. Group Earnings before Interest and Taxes (EBIT) also grew by 10% for the period to QR 82 Million compared to QR 74 Million for the same period last year.
Group Net Profit for the period has more than doubled to QR 28 Million for the first quarter compared to QR 12 Million for the same period last year, aided by QR 10 Million lower Finance Costs.
The Group with its diversified portfolio of businesses is well positioned to participate in the future economic growth and major development projects going forward in the State of Qatar. Additionally, in the first quarter 2024 the Automotive division welcomed the addition of two new brands, BYD and JAC, to its portfolio of passenger vehicles sold in Qatar, helping to ensure future growth also for this division in the years ahead.
