Doha: Mannai Corporation QPSC (Qatar Exchange: MCCS) yesterday announced its first quarter results for the period ended 31st March 2023.
Group Revenue of QR1.31bn for the first quarter ended 31st March 2023 was above the QR1.29bn for the same period last year 2022, mainly from revenue growth in the automotive, heavy equipment, and jewellery retail segments. Group Gross Profit for the first quarter was QR227m, which represents a 7 percent increase compared to QR212m for same period last year 2022.
Group Earnings before Interest and Taxes (EBIT) for the first quarter were QR74m on a like-for-like basis excluding profits from discontinued operations in the first quarter 2022, this was an increase of QR4m or 5 percent over the same period last year 2022. Group Net Profit for the first quarter was QR12m impacted by higher Finance Costs due to the interest rate increases that began in 2022, but only marginally lower on a like-for-like basis excluding profits from discontinued operations as compared to the same period last year 2022.
The business-to-business (B2B) divisions in Qatar were impacted by the economic slowdown in the first quarter 2023 following the very successful FIFA World Cup 2022. As economic activity begins to increase as the year progresses, these B2B divisions are anticipated to show further growth in Revenue and Net Profit compared to last year 2022.
