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Net profit grows 43% and revenue up by 108%

Company: Mannai Corporation
Release Date: December 31, 2012

INTERNATIONAL ACQUISITIONS DRIVE STRONG GROWTH

Following Mannai Corporation QSC (Qatar Exchange: MCCS), Board meeting chaired by HE Sheikh Suhaim Bin Abdulla Bin Khalifa Al Thani, Vice Chairman, the company announced its results for the period ended 31st December, 2012.

Financial Highlights on a consolidated basis :

  • Group Revenues up 108% to QR 4.77 Billion  (FY2011: QR 2.29 Billion)
  • Net profit grew up by 43% to QR 400 Million (FY2011: QR 279 Million)
  • Earnings per share up by 16% to QR 10.43 (FY 2011 : QR 9.01)

Mannai Corporation reported group turnover increased by 108% to QR 4.77 Billion as compared to QR 2.29 Billion during the same period of 2011.

The Net Profit in the 12 months period ended 31st December, 2012 increased by 43% to QR 400 Million following the acquisition of Damas during the 2nd quarter of 2012. 

Return on Equity excluding Non controlling interest was 25% for the year ended 31st December, 2012.  

Alekh Grewal, Group Chief Executive Officer and Director said “Mannai’s acquisition in 2012 of a 66% stake in Damas is a defining moment in the history of the Company.  With this acquisition the company has taken a major step forward achieving a revenue of over US $ 1.3 Billion”.

With the strong financial position and diversity of the business, the company remains positive regarding its outlook for 2013.

The Corporation’s Annual General Assembly will be held at the Al Silia Ballroom, Grand Hyatt Hotel Doha at 6.00 p.m. on Wednesday, 20th March, 2013 to which all shareholders are invited.

 


Continued Strong Growth in Returns;
Net Profit up 43%

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