Doha, Qatar: Mannai Corporation (Qatar Exchange: MCCS), yesterday announced its financial results for the year ended 31st December 2023.
Group Revenue for the year grew by 6% to QR5.6bn, driven by the Jewellery business continuing its year on year growth by 17% over last year and contributing 23% of the total Group Revenue. The Information and Communication Technology business reached nearly QR3bn revenues, representing more than half of the total Revenue of the Group, while the Automotive Group grew revenues by 8% over last year.
Group gross profit was above QR1bn, an increase of 16% compared to the QR867m last year as a result of improved Gross Profit margins along with the Revenue growth.
Earnings before Interest and Taxes (EBIT) for the period were QR425m. On a like-for-like basis, excluding profits from discontinued operations and related provisions, this was an increase of QR91m compared to last year.
Net Profit for the year was QR170m after Finance Costs of QR254m incurred during the year. On a like-for-like basis, excluding the net impact of the higher interest rates of QR40m, this represented an increase of 14% compared to last year. Earnings-per-share for the year ended were QR0.37 compared to QR0.41 for the last year.
Our core businesses in Qatar, led by Information and Communication Technology and the Automotive Group, remained resilient and grew profits despite a challenging economic environment this past year.
The last quarter of the year in particular was exceptionally strong in terms of growth and overall profit contribution for the year, helping to deliver the full year Group results and giving confidence for the year ahead.
