MANNAI CORPORATION REPORTS FIRST QUARTER EBITDA QR 188 MILLION ON CONSOLIDATED REVENUE OF 2.7 BILLION

Qatar, 22 April, 2020 – Mannai Corporation QPSC (Qatar Exchange: MCCS), today announced its first quarter results for the period ended 31^st March 2020.

Mannai Corporation revenue decreased by 7% to QR 2.7 Billion compared to QR 2.9 Billion in the same period last year as a result of the COVID-19.  Lockdown measures have impacted trading activities, in particular the Jewellery, and Information Technology segment where project revenues have been delayed to later in the year.

Majority of the business operations are currently closed due to the lockdown, in particular the Head Office, showrooms and service centers located at Salwa Industrial area, Doha. Jewellery outlets located across GCC were also closed due to the precautionary and lockdown measures implemented.