Doha: Despite the subdued market conditions in the retail and luxury segment, Mannai Corporation achieved sustainable growth, largely driven by the strong performance of its IT businesses, Mannai Corporation’s Vice Chairman Sheikh Suhaim bin Abdulla bin Khalifa Al Thani, said yesterday as he chaired the group’s Ordinary General Assembly meeting, where he spoke on behalf of Mannai Corporation’s Chairman Sheikh Hamad bin Abdulla bin Khalifa Al Thani.
He added that as a result, the company’s Board was pleased to recommend a dividend of 20 percent at QR0.20 per QR1 share, which was the same level as the previous year.
Mannai Corporation in its financial report for 2019, also announced that the company’s revenue increased by 7.6 percent to QR11.6bn in 2019 from QR10.8bn in the previous year; with the group primarily driven by solid growth in its Information Technology businesses (ICT).
The company’s ICT revenue crossed QR9bn, which accounts for 79 percent of the total revenue in the current period.
The group’s earnings before interest, tax, depreciation and amortisation expenses (EBITDA) for the year ended December 31, 2019 increased to QR1.1bn compared to QR1bn last year, an increase of 7.5 percent.
Mannai Corporation also reported a QR710.1m earnings before interest and taxes (EBIT), QR405.2m finance costs, and a QR203.6m net profit, with earnings per share at QR 0.44.
Alekh Grewal, Chief Executive Officer at Mannai Corporation, 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 QR405.2m”.
