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Net Profit Up 20%

Company: Mannai Corporation
Release Date: September 30, 2010

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.

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