Published: Aug 10, 2014
Source: Peninsula Qatar

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Mannai Corp H1 net profit up by 31.5pc

Mannai Corporation recorded a net profit of QR315.1m for the first half of 2014 (H1, 14), up 31.5 percent compared to QR239.7m reported during the same period in 2013.

Earnings per share increased by 62 percent at QR6.91 against QR4.25 reported in H1, 13, aided by the acquisition of the minority interests in its Damas subsidiary. Accordingly the Group’s share of profit increased from QR194m to QR315m.

Despite a marginal drop in revenue the group reported impressive growth in profit, which included successful recoveries of doubtful debts, which were provisioned in previous years.

Continuing its conservative provisioning policy the company also made provisions against future doubtful asset values.

Alekh Grewal, Group Chief Executive Officer and Director said “Overseas investments have contributed significantly to our earnings which has enabled the group to achieve a remarkable growth in profits”.

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