Mannai Corporation Reports Gross Profit of QR 1 Billion on Consolidated Revenue of QR 5.6 Billion for the Year 2023

Company: Mannai Corporation
Release Date: March 7, 2024

Mannai Corporation QPSC (Qatar Exchange: MCCS), today announced its financial results for the year ended 31st December 2023.

Group Revenue for the year grew by 6% to QR 5.6 Billion, driven by the Jewellery business continuing its year on year growth by 17% over last year and contributing 23% of the total Group Revenue. The Information and Communication Technology business reached nearly QR 3 Billion Revenues, representing more than half of the total Revenue of the Group, while the Automotive Group grew Revenues by 8% over last year.

Group Gross Profit was above QR 1 Billion, an increase of 16% compared to the QR 867 Million last year as a result of improved Gross Profit margins along with the Revenue growth.

Earnings before Interest and Taxes (EBIT) for the period were QR 425 Million. On a like-for-like basis, excluding profits from discontinued operations and related provisions, this was an increase of QR 91 Million compared to last year.

Net Profit for the year was QR 170 Million after Finance Costs of QR 254 Million incurred during the year. On a like-for-like basis, excluding the net impact of the higher interest rates of QR 40 Million, this represented an increase of 14% compared to last year.

Earnings-per-share for the year ended were QR 0.37 compared to QR 0.41 for the last year.

Our core businesses in Qatar, led by Information and Communication Technology and the Automotive Group, remained resilient and grew profits despite a challenging economic environment this past year. The last quarter of the year in particular was exceptionally strong in terms of growth and overall profit contribution for the year, helping to deliver the full year Group results and giving confidence for the year ahead.


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