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ORDINARY & EXTRAORDINARY GENERAL ASSEMBLY MEETINGS 27th MARCH, 2019

Company: Mannai Corporation
Release Date: March 27, 2019

Mannai Corporation QPSC   (Qatar Exchange: MCCS), Ordinary & Extraordinary General Assembly meetings were held today at Grand Hyatt Hotel, Doha from 4.30 p.m.

H.E. Sheikh Suhaim Bin Abdulla Bin Khalifa Al Thani, Vice Chairman of the Company, Chaired the meeting and highlighted the company’s financial performance in 2018.

Financial Highlights:

  • Revenue : QR 10.77 Billion.
  • Net Profit: QR 407 Million.
  • EBITDA : QR 1 Billion.
  • EBIT : QR 806 Million.
  • Earnings Per Share : QR 8.92
  • Approved cash dividend of 20% (QR 2.00 per share)

On behalf of the H.E. Sheikh Hamad Bin Abdulla Bin Khalifa Al Thani, Chairman of the Company, H.E. Sheikh Suhaim Bin Abdulla Al Thani, said “Despite regional geo-political pressure, Mannai Corporation achieved sustainable growth and EBITDA rose by 18.4% to QR 1 Billion on Consolidated revenue of QR 10.7 Billion”.

H. E. Sheikh Suhaim thanked the outgoing Board Members for the valuable services rendered as a Director during their term in Office. H. E. Sheikh Suhaim mentioned that the Company has elected new Board Members which comprises of three Independents and the Company is thus fully compliant with the Corporate Governance Code on this aspect.

Alekh Grewal, Group Chief Executive Officer and Director said “Profit before interest and tax increased by 11% in the year, the overall Net Profit declined by 20%, mainly due to increase in finance costs relating to acquisition funding and higher interest rates.”

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