Following its meeting today the Board of Mannai reported a strong turnaround in 2021 posting a Group Net Profit of QR 276 Million, compared to only a modest Net Profit in the previous year due to the initial impact of Covid-19 restrictions in 2020.
Revenues grew by 16.3 percent to QR14.4 Billion, and EBITDA increased by 26 percent to QR 1.24 Billion.
It is notable that a robust 66 percent of the overall Group Net Profit was generated by its businesses in Qatar.
Keith Higley, Director said “The QR 276 Million Net Profit, and the tremendous contribution from our businesses in Qatar, demonstrates the underlying strength of the turnaround in our business in 2021 and the positive trend in business culminating in a strong fourth quarter gives encouragement for the way ahead”.
The Board also took the opportunity to provide the update below on the proposed sale of its shares in Inetum.
PROPOSED SALE OF INETUM
The proposed sale of Mannai’s shares in Inetum, its French ICT subsidiary, was notified to the market via the QSE on 20th January, 2022.
The sale process is proceeding as planned and is currently under consultation with employee representatives.
A general assembly will be convened shortly to enable Mannai’s shareholders to review the proposed sale. Should the shareholders approve the sale, it is expected to result in a planned and positive change in the shape of Mannai’s Balance Sheet during 2022.
Naturally, whilst there will be a reduction in Group revenue following the sale of Inetum, importantly, there will also be a very significant reduction in the level of Mannai’s bank borrowings, debt gearing and interest costs going forward.
The Inetum sale will have no effect on Mannai’s domestic ICT business, which continues to build on its leading market share in Qatar, underpinned by its strong and lengthy forward order book.
EXTRAORDINARY GENERAL MEETING AND ORDINARY GENERAL MEETING
The employee representative consultation process in France for the sale of Inetum is nearing completion. It is expected that once this process is completed, more details on the sale transaction will be able to be released via the QSE alongside the notice for an Extraordinary General Meeting (EGM) and an Ordinary General Meeting (OGM).
The notice for the EGM and OGM is planned to be published on 4th April with the General Assemblies being scheduled for 26th April, 2022, at which Mannai will seek shareholder approval for the sale of all its shares in Inetum.