Mannai Corporation has posted a net profit of QR 146.3 Million for the nine month period ended 30th September, 2009 which is an increase of 27% over the same period last year. Net profit improved to 10% of sales compared to 8% of sales over the same period last year.
Basic earnings per share have risen from QR 7.26 to QR 9.24 during the 9 month period.
The general slowdown in the economy and stringent conditions for retail vehicle financing by the banks adversely impacted vehicle sales. However because of the diversity of businesses the company managed to retain the same level of total sales at QR 1.5 Billion during the 9 month period. Excluding new vehicle sales the turnover grew 14%.
The company recently established “Transfield Mannai Oil and Gas Company” (TSMOG) in joint venture with Transfield Australia to pursue opportunities for engineering maintenance work in the Oil and Gas sector.
The company’s balance sheet continues to be very healthy, with debt less than 5% of shareholder funds and a strong current assets to current liabilities of 1.83 times.