Qatar, 27 February, 2014 – Following Mannai Corporation QSC (Qatar Exchange: MCCS), Board meeting chaired by Mr. Mohamed Al Kubaisi, the company today announced its results for the period ended 31st December, 2013.
Financial Highlights on a consolidated basis :
– Group Revenues up 17.5% to QR 5.6 Billion (FY2012: QR 4.7 Billion)
– Group Net profit grew up by 16.3% to QR 539 Million (FY2012: QR 464 Million)
Mannai Corporation reported group turnover increased by 17.5 % to QR 5.6 Billion as compared to QR 4.7 Billion during the same period of 2012.
The Net Profit attributable to the company in the 12 months period ended 31st December, 2013 increased by 11.4 % to QR 446 Million.
Mannai’s acquisition in 2012 of a 66% stake in Damas was a defining moment in the history of the Company. The Company increased its stake in Damas International Ltd., by an additional 15% through acquiring the remaining shareholding of the founder shareholders, thereby increasing Mannai’s shareholding to 81%.
Alekh Grewal, Group Chief Executive Officer and Director said “our international diversification strategy has contributed 51% of revenues from International operations, which has enabled Corporation to deliver another year of record profits”.
The Group CEO and Director further said “our strong financial position and growth in profits will enable us to continue our strategy of expanding our business internationally so that a majority of our earnings come from our International operations”.
The Corporation’s Annual General Assembly will be held at the Al Sillia Ballroom, Grand Hyatt Hotel Doha at 6.00 p.m. on Sunday 23rd March, 2014 to which all shareholders are invited.