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RECORD PROFITS FOR MANNAI

Company: Mannai Corporation
Release Date: April 28, 2014

Qatar, 23 April, 2014 – Mannai Corporation QSC (Qatar Exchange: MCCS), today announced its first quarter results for the period ended 31st March 2014.

 

Financial Highlights on a consolidated basis

 

  • Damas now a 100% subsidiary.
  • Revenues up 4% to Qatari Riyals (QR) 1.4 Billion (FY2013: QR 1.3 Billion).
  • Net profit up 73% to QR 150.1 Million (FY2013: QR 86.7 Million).
  • Earnings per share rose to QR 3.29 from QR 1.90.
  • Return on Equity increased to 33.5% compared to 22% for the year ended 31st December, 2013.

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Mannai Corporation reported a net profit of QR 150 Million for the three month period ended 31st March, 2014, which is an increase of 73% over the same period last year. Revenue increased 4% compared to the same period as last year.

 

Other income includes capital gains and recovery of doubtful debts which were provisioned in prior years in Damas.

 

Alekh Grewal, Group Chief Executive Officer & Director said, “the continued growth in profits reflects the Board’s vision towards building a strong international business. During 1st quarter of 2014, Mannai bought out the minority shareholders in Damas International Ltd., and accordingly Damas is now a wholly owned subsidiary of Mannai.

 

We remain optimistic that a number of new projects will be announced imminently for the infrastructure development of Qatar and we are well positioned to secure our fair share of these projects”.   

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