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Mannai Increase Turnover by 85%

Company: Mannai Corporation
Release Date: June 30, 2012

Mannai Corporation QSC (Qatar Exchange: MCCS), today announced its half year results for the period ended 30th June, 2012.

Financial Highlights on a consolidated basis:

  • Revenues up 85% to QR 2.03 Billion (HY2011: QR 1.09 Billion)
  • Net profit up 46% to QR 204.6 Million (HY2011: QR 140.5 Million)
  • Return on Equity up 31% (20% for the year ended 31st December, 2011).
  • Mannai Corporation reported group turnover increased by 85% to QR 2.03 Billion as compared to QR 1.09 Billion during the same period.

 

The Net Profit in the 6 month period ended 30th June, 2012 increased by 46% to QR 204.6 Million following the acquisition of Damas during the 2nd quarter of 2012. The Net Profit attributable to the group increased to QR 168.6 Million compared to QR 140.5 Million for the same period in the previous year.

The growth in Net Profit builds on the 21% increase in profit achieved in the year ended 31st December, 2011.

Return on Equity in the first half of 2012 rose to 31% compared to 20% for the year ended 31st December, 2011.

Alekh Grewal, Group Chief Executive Officer said “The successful acquisition of Damas is a milestone achievement in further expanding Mannai’s regional footprint. The acquisition was in line with our strategy of diversifying our earnings and growing our international portfolio“.

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