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Mannai Corporation Reports an Increase in Core Profit of 21%

Company: Mannai Corporation
Release Date: February 28, 2016

Following the Mannai Corporation QSC (Qatar Exchange: MCCS), Board meeting chaired by Sheikh Suhaim Bin Abdullah Al Thani, the company today announced its results for the period ended 31st December, 2015.

Financial Highlights on a consolidated basis :                                                  

  • Group Turnover : QR 5.9 Billion.
  • Net Profit for the year : QR 533 Million.
  • The Company’s overseas operations contributed 43% of the overall profit of the Group.
  • Return on Equity : 24%.
  • Earning Per Share : QR 11.68.

Mannai Corporation reported a net profit of QR 533 Million on a group turnover of QR 5.9 Billion. 

Alekh Grewal, Group Chief Executive Officer and Director said “Qatar’s strong commitment to infrastructure development has enabled us to report exceptional results in our local businesses.   Though, Group’s net profit is marginally ahead of last year, the reality is that core profit have grown by 21%, taking into account that we did not have the same level of ‘one off’ recoveries from Damas restructuring activities which concluded in 2014”.

The Board is pleased to recommend a dividend of 50% (QR 5.0 per share) to the shareholders for approval at the Company’s 9th Annual General Assembly. 

The Corporation’s Annual General Assembly will be held at the Al Silia Ballroom, Grand Hyatt Hotel Doha at 4.00 p.m. on Wednesday 23rd March, 2016 to which all shareholders are invited.

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