Mannai corp profit up 43.36% to QR 400m

Mannai Corporation’s (Qatar Exchange: MCCS) net profit for the financial year ended December 31, 2012 has increased by 43.36% compared to QR 279 Million in 2011, according to a QE notification Thursday. The group’s turnover increased by 108% to QR 4.77 Billion as compared to QR 2.29 Billion during the same period of 2011 and the Earnings Per Share (EPS) were up by 16% to QR 10.43 compared to QR 9.01 in 2011. The board of directors has recommended the distribution of cash dividend of 47.5% (QR 4.75 per share) on the increased share capital of QR 456.19 Million. The group attributed the 43.36% increase in profit to the acquisition of a stake in Damas in the second quarter of 2012. Mannai Corp CEO and Director Alekh Grewal said, “Mannai’s acquisition in 2012 of a 66% stake in Damas is a defining moment in the history of the company. With this acquisition the company has taken a major step forward achieving a revenue of over US $1.3 Billion.” The group’s Annual General Assembly will be held at the Al Silia Ballroom, Grand Hyatt Hotel Doha at 6 pm on March 20.