Mannai Corporation has reported a net profit of QR 140.5 Million in the 6 month period ended 30th June, 2011 which is up by 11% compared to QR 126.1 Million in the first half of 2010. Turnover also increased by 13% to QR 1.1 Billion.
The growth in Net Profit builds on the 25% increase in profit achieved in the year ended 31st December, 2010.
Return on Equity in the first half of 2011 rose to 34% compared to 27% for the year ended 31st December, 2010.
Earnings per share rose to QR 4.93 compared to QR 4.42 in the first half of 2010.
Alekh Grewal, Chief Executive Officer said “During the first half of this year, we have started laying the foundations to capitalize on the new opportunities arising out of Qatar hosting FIFA 2022.
We have entered into partnership with UBMO for the supply of construction materials, McLaren for Hotel Furniture and Arthur Brett for high quality hand-made furniture.
In June, 2011 we also further diversified our earnings in line with our strategy of growing our international portfolio by acquiring a 35% interest in AXIOM Limited, the UAE based largest pan-GCC mobile handset retailer and distributor that trades under the AXIOM Telecom Brand. ”