Qatar's Mannai Corporation Posts Q1 Gross Profit

Mannai Corporation posted a first quarter group gross profit of QR227 million (US$63.35 million), up 7% on the same period last year. The company earned group revenue of QR1.31 billion (US$359.79 million) during the first quarter compared to QR1.29 billion (US$354.30 million) for the same period last year, driven mainly by revenue growth in automotive, heavy equipment, and jewellery retail segments.

Group earnings before interest and taxes (EBIT) for the first quarter were QR74 million (US$20.32 million). On a like-for-like basis, excluding profits from discontinued operations in the first quarter 2022, this was an increase of QR4 million (US$1.10 million) or 5% over the same period last year 2022. Group net profit for the first quarter was QR12 million (US$3.30 million), impacted by higher finance costs due to the interest rate increases that began in 2022, but only marginally lower on a like-for-like basis excluding profits from discontinued operations compared to the same period last year 2022.

The business-to-business (B2B) divisions in Qatar were impacted by the slowdown in the first quarter of 2023 following the very successful FIFA World Cup 2022, Mannai Corporation said. “As economic activity begins to increase as the year progresses, these B2B divisions are anticipated to show further growth in revenue and net profit compared to 2022,” it said.