Mannai Corporation reports a Net Profit of QR343 Million for the period ending 30th September 2016.
Group results for the 3rd Quarter improved significantly to QR 123 Million Net Profit, compared to QR103 Million at the same stage last year.
Following Mannai’s acquisition earlier this year of a majority stake in GFI Informatique, a public listed company in France, the Group’s level of profits from Associates and Joint Ventures has grown by 59% to QR 77 Million in the 9 month period to 30th September, compared to QR 48 Million in the previous year.
For the 9 month period ending 30th September 2016, Mannai’s Net Profit was QR 343 Million compared to QR 379 Million for the same period last year. The decline in Net Profit was mainly due to the economic slowdown in the region and depressed market conditions in the Group’s retail businesses.
Alekh Grewal, Group CEO and Director said “the business of GFI Informatique, an IT conglomerate with operations in Europe and North Africa, has further diversified Mannai’s revenue stream internationally and will be an important contributor to Mannai’s future growth and quality of earnings going forward”.