Mannai Corporation gross profit grows 11% to QR253mn in Q1

Mannai Corporation first quarter gross profit grew by 11% to QR253mn on consolidated revenue of QR1.3bn, the company said on Tuesday.

The rise in group revenue by 6% in the first quarter was mainly driven by growth in the jewellery retail and Information and Communication Technology businesses.

Group gross profit for the period was QR253mn, representing an 11% increase compared to QR227mn for the same period last year, the result of the revenue growth along with improved margins.

Group Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) for the period grew by 10% to QR130mn compared to QR119mn for the same period last year.

Group Earnings Before Interest and Taxes (EBIT) also grew by 10% for the period to QR82mn compared to QR74mn for the same period last year.

Group net profit for the period more than doubled to QR28mn for the first quarter compared to QR12mn for the same period last year, aided by QR10mn lower finance costs.

Mannai with its diversified portfolio of businesses is well positioned to participate in the future economic growth and major development projects going forward in Qatar.

Additionally, in the first quarter 2024 the company’s automotive division welcomed the addition of two new brands, BYD and JAC, to its portfolio of passenger vehicles sold in Qatar, helping to ensure future growth also for this division in the years ahead.