Qatar, 19 April, 2020 – Mannai Corporation QPSC (Qatar Exchange: MCCS), Ordinary General Assembly meeting was held at Doha at 04.00 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 2019.
- Group Turnover : QR 11.6 Billion.
- EBITDA : QR 1.08 Billion.
- EBIT : QR 710.1 Million.
- Finance Costs : QR 405.2 Million.
- Net Profit : QR 203.6 Million.
- Earnings Per Share : QR 0.44.
Mannai Corporation Revenue increased by 7.6% to QR 11.6 Billion compared to QR 10.8 Billion in the previous year, driven by solid growth in its Information Technology businesses (ICT).
ICT revenue crossed QR 9 Billion which accounts for 79% of the total revenue in the current period.
The Group’s earnings before interest, tax, depreciation and amortization expenses (EBITDA) for the year ended 31st December 2019 increased to QR 1.1 Billion compared to QR 1 Billion last year, an increase of 7.5%.
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 the subdued market conditions in the retail and luxury segment, Mannai Corporation achieved sustainable growth, largely driven by the strong performance of our IT businesses”.
H.E. Sheikh Suhaim also said that as a result, the Company’s Board was pleased to recommend a dividend to 20 percent, being QR 0.20 per QR 1 share, the same level as the previous year.
Alekh Grewal, Chief Executive Officer said “results of the Group were dramatically impacted by the increase in interest costs as our acquisitions have been funded by bank borrowings rather than capital increase, along with substantial one-off provisions. The interest expenditure for the year was QR 405.2 Million”.