Doha: Mannai Corporation QPSC (Qatar Exchange: MCCS), yesterday announced its nine-month results for the period ended September 30, 2022. Group Revenue for the nine-month period was QR3.8bn, a growth of 9 percent a like-for-like basis as compared to QR3.5bn in the same period last year excluding discontinued operations, mainly driven by growth in its Information and Communication Technology business in Qatar.
Group Gross Profit for the nine-month period increased to QR716m, a growth of 10 percent on a like-for-like basis as compared to QR651m in the same period last year excluding discontinued operations, with a slightly improved Gross Profit margin despite rising costs.
Group earnings before interest, tax, depreciation and amortization expenses (EBITDA) increased to QR833m including the gain from the sale of the subsidiary Inetum S.A., as compared to QR486m in the same period last year excluding discontinued operations.
Finance costs for the nine-month period increased by QR22m to QR198m, an increase of 13 percent over the same period last year, due to the interest rate increases in prime lending rates throughout the year and in particular during third quarter of 2022.
Group Net Profit for the nine-month period increased to QR512m, including the gain from the sale of the subsidiary Inetum S.A., compared to QR190m in the same period last year, and Earnings-per-share for the nine-month period were QR1.12, compared to QR0.42 for the same period last year.
The underlying Net Profit generated by the Qatar businesses for the nine-month period grew by 15 percent as compared to the same period last year as a result of very positive trading in advance of the upcoming FIFA World Cup 2022.
