Mannai Corporation has posted a net profit of QR 175.7 Million for the nine period ended 30th September, 2010, which is an increase of 20% over the same period last year. Net Profit improved to 12% of sales compared to 10% of sales over the same period last year.
Return on Equity for the nine months improved to 29% compared to 28% for the same period last year.
Alekh Grewal, Chief Executive Officer said “The continued growth in profits reflects the diversity of our business. We have a strong balance sheet with no debt gearing and current assets to current liabilities of 1.91 times”.
The company also acquired a majority stake in Utilnet company based in Jordan and the financial statements incorporate their results.
Basic earnings per share have risen from QR 6.16 to QR 7.40 during the 9 month period.