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MANNAI CORPORATION REPORTS EBITDA QR 1.1 BILLION ON CONSOLIDATED REVENUE OF QR 11.6 BILLION

Company: Mannai Corporation
Release Date: March 1, 2020

Qatar, 27 February, 2020 – Mannai Corporation QPSC (Qatar Exchange: MCCS), today announced its results for the period ended 31st December, 2019.

Mannai Corporation Revenue increased by 7.6% to QR 11.6 Billion compared to QR 10.8 Billion in the previous year, driven by solid growth in its Information Technology businesses (ICT).ICT revenue crossed QR 9 Billion which accounts for 79% of the total revenue in the current period.

The Group’s profit before interest, tax, depreciation and amortization expenses (EBITDA) for the year ended 31st December 2019 increased to QR 1.1 Billion compared to QR 1 Billion last year, an increase of 7.5%.

Despite such strong performance by the ICT business the Net Profit was depressed due to the increase in finance costs, subdued general market conditions in the retail and luxury segment, which impacted the performance of its jewellery business. During the period, finance costs increased by 87 Million to QR 405 Million, an increase of 27% over last year, mainly as a result of higher borrowings relating to increased investment and acquisitions in the Information Technology Segment.

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