Mannai Net Profit Up 32%

Company: Mannai Corporation
Release Date: June 30, 2009

Mannai Corporation has reported a net profit of QR 105.4 Million in the 6 month period ended 30th June, 2009 which is up by 32% compared to QR 80.1 Million in the first half of 2008.

The growth in Net Profit builds on the 46% increase in profit seen in the year ended 31st December, 2008.

The overall growth in sales turnover slowed to 2% in the first half year reflecting a 39% decline in new car sales due mainly to the effects of the global credit crunch.  However, sales in the remainder of our businesses, excluding car sales grew by 24% with profits significantly ahead of plan.

Return on Equity in the first half of 2009 rose to 33% compared to 23% for the year ended 31st December, 2008.  

Earnings per share rose to QR 6.65 compared to QR 5.06 in the first half of 2008.

“The growth in earnings is remarkable under the current economic climate and it is at times such as these that we can more appreciate the diversity of our business Group” Alekh Grewal, CEO, Mannai said.


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