Doha, Qatar: Mannai Corporation QPSC (Qatar Exchange: MCCS), yesterday announced its first half year results for the period ended June 30, 2023. In the first half year, the company achieved Group Revenue of QR2.6bn and Gross Profit of QR469m, which represents a 9 percent increase compared to QR431m for same period last year from improved Gross Profit margins.
Earnings before Interest and Taxes (EBIT) for the period were QR165m. On a like-for-like basis, excluding profits from discontinued operations, this was an increase of QR84m over the same period last year.
Net Profit for the period was QR38m after Finance Costs of QR126m, which increased significantly over the same period last year due to the increased bank interest rates.
With economic activity across Qatar expected to increase in the second half of the year, the Group’s business-to-business divisions in particular remain well positioned to benefit with further growth in Revenue and Net Profit compared to the previous year.
