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Mannai Corporation Reports Net Profit of QR 512 Million for the Nine Month Period Ended 30th September 2022

Company: Mannai Corporation
Release Date: October 26, 2022

Mannai Corporation QPSC (Qatar Exchange: MCCS), today announced its nine-month results for the period ended 30th September 2022.

Group Revenue for the nine-month period was QR 3.8 Billion, a growth of 9% on a like-for-like basis as compared to QR 3.5 Billion in the same period last year excluding discontinued operations, mainly driven by growth in its Information and Communication Technology business in Qatar.

Group Gross Profit for the nine-month period increased to QR 716 Million, a growth of 10% on a like-for-like basis as compared to QR 651 Million in the same period last year excluding discontinued operations, with a slightly improved Gross Profit margin despite rising costs.

Group earnings before interest, tax, depreciation and amortization expenses (EBITDA) increased to QR 833 Million, including the gain from the sale of the subsidiary Inetum S.A., as compared to QR 486 Million in the same period last year excluding discontinued operations.

Finance costs for the nine-month period increased by QR 22 Million to QR 198 Million, an increase of 13% over the same period last year, due to the interest rate increases in prime lending rates throughout the year and in particular during the third quarter of 2022.

Group Net Profit for the nine-month period increased to QR 512 Million, including the gain from the sale of the subsidiary Inetum S.A., compared to QR 190 Million in the same period last year, and Earnings-per-share for the nine-month period were QR 1.12, compared to QR 0.42 for the same period last year.

The underlying Net Profit generated by the Qatar businesses for the nine-month period grew by 15 percent as compared to the same period last year as a result of very positive trading in advance of the upcoming FIFA World Cup 2022.

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