Mannai Profit Rises 53%

In a company announcement today Mannai Corporation has reported a 31% growth in sales in the 9 month period ended 30th September and a 53% increase in net profit compared to the corresponding period last year.

The company also reported continued investment in developing its business in Qatar and the region.  A new GM car showroom is just being completed in Wakra and a new Subaru showroom has been established in Doha during the third quarter.

The recently established Oman subsidiary of Gulf Laboratories, Mannai’s geotechnical business, was awarded its first contract in Oman.  The expansion of Manweir’s engineering workshop in the Salwa industrial area is well underway and in August 2008, Mannai’s Indian IT subsidiary Mansoft opened a 300 seat development centre in Pune, India.

Keith Higley, Managing Director of Mannai said in these turbulent times in the global economy, it is important to maintain strong a financial position in order to support ongoing operations as well as strategic investments for growth.

Mannai’s balance sheet is very healthy, its debt level is less than 0.20% of shareholders funds and the ratio of current assets to current liabilities is 1.71 times.

He said the company has no exposure to financial products or stock market investments and Mannai’s revenue is generated entirely from trade and services.

Basic earnings per share have risen from QR 5.64 to QR 7.98 during the 9 month period.

Full view of Interim Consolidated Balance Sheet and Income Statement