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MANNAI CORPORATION REPORTS GROSS PROFITS OF QR 1.7 BILLION ON CONSOLIDATED REVENUE OF QR 8.5 BILLION

Company: Mannai Corporation
Release Date: October 26, 2020

Qatar, 26 October, 2020 – Mannai Corporation QPSC (Qatar Exchange: MCCS), today announced its third quarter results for the period ended 30th September 2020.

Mannai Corporation reported a growth in third quarter revenues of 13% compared to the third quarter of 2019, bringing year to date revenues to QR 8.5 Billion, in line with first 9 months of last year.

EBITDA for the quarter grew to QR 255 Million, an increase of 14% compared to the third quarter of 2019, bringing year to date EBITDA to QR 512 Million.

Net Profit for the third quarter was QR 3 Million, compared to a QR 7 Million loss reported in the third quarter of 2019, reflecting a turnaround following the first half trading results which were impacted by COVID-19 – related measures that closed the majority of its trading and retail businesses.

Mr. Keith Higley, Director, said, “We are pleased to report a significantly improved third quarter result compared to last year and the first half of 2020. This demonstrates that our businesses are recovering from the effects of lockdown measures imposed during the first half year.

Accordingly, as a result of the impact of Covid on trading in the first half year, the Group has reported a Net Loss of QR 199 Million in the 9 month period ended in September, compared to a Net Profit of QR 81 Million in the same period last year.

 

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