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MANNAI CORPORATION REPORTS STRONG FOURTH QUARTER TURNAROUND TO DELIVER FULL YEAR PROFIT ON CONSOLIDATED REVENUE OF QR 12.4 BILLION

Company: Mannai Corporation
Release Date: March 17, 2021

Mannai Corporation QPSC (Qatar Exchange: MCCS), today announced its full year results for the period ended 31st December 2020.

Mannai Corporation reported a growth in fourth quarter revenues of QR 3.9 Billion, a growth of 26% percent compared to the fourth quarter of 2019, bringing year to date revenues to QR 12.4 Billion, a year over year growth of 7%.

EBITDA for the fourth quarter grew to QR 472 Million, bringing full year EBITDA to QR 984 Million.

Net Profit for the fourth quarter was QR 214 Million, reversing the net loss incurred in the first nine months due to the COVID-19 related closures which restricted trading during the year. This result contributes to a full year profit of QR 14 Million.

Mr. Keith Higley, Director, said, “the strong result in the fourth quarter, building on the improvement reported in the third quarter, rounds off a significant turnaround following the first half of 2020”.

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