Mannai Corporation QPSC (Qatar Exchange: MCCS), today announced its first half year results for the period ended 30th June 2023.
In the first half year, the company achieved Group Revenue of QR 2.6 Billion and Gross Profit of QR 469 Million, which represents a 9% increase compared to QR 431 Million for same period last year from improved Gross Profit margins.
Earnings before Interest and Taxes (EBIT) for the period were QR 165 Million. On a like-for-like basis, excluding profits from discontinued operations, this was an increase of QR 84 Million over the same period last year.
Net Profit for the period was QR 38 Million after Finance Costs of QR 126 Million, which increased significantly over the same period last year due to the increased bank interest rates.
With economic activity across Qatar expected to increase in the second half of the year, the Group’s business-to-business divisions in particular remain well positioned to benefit with further growth in Revenue and Net Profit compared to the previous year.