Top Qatari group profit up 21pc
Doha, February 28, 2012
Mannai Corporation, a Qatar-based conglomerate with more than 60 years in trade and service industries, said its net profit for 2011 rose 21 per cent to QR279 million ($76.6 million) from QR231 million the previous year.
Announcing the results, the Qatari group said its revenues too surged to hit QR2.3 billion, up 16 per cent compared to QR2 billion the year before.
Mannai's earnings per share rose to QR9.01 compared to QR 7.71 in 2010. The group said it maintains a strong balance sheet with net assets at the end of 2011 amounting to QR1.4 billion and a debt : equity ratio of 0.4 : 1.
Commenting on the results, CEO Alekh Grewal said, 'We are very pleased to be able to report another year of significant profits growth for our shareholders despite the global economic challenges.'
'Our strategic decisions to further diversify our earnings by growing and expanding our business interests beyond Qatar is progressing well. We made two important strategic investments in NEXThink and Axiom Telecom, and we are currently moving forward with two more significant opportunities,' he stated.
'We are focused on investing in sector-leading companies that have a dynamic business model, a proven track record and strong growth potential across different continents,' he added.
Accordingh to Grewal, the Group will continue to explore further growth opportunities, in Qatar and overseas, for sustained profitability in 2012 and beyond.
'We remain confident that Mannai will continue to deliver superior returns for our shareholders,' he added
Impressed with the results, Manai group has recommended a 55 per cent cash dividend (QR5.50 per share) for its shareholders.
The 2011 financial year produced record earnings for the Group, as the business continued its growth story and concluded a successful year operationally.
The substantial increase in net profit, despite the global economic slowdown, was achieved by the broad diversity of the Group’s activities, including the recent investment in Axiom Telecom, theUAE-based international retail business.
The Group’s growth in 2011 builds on the 25 per cent increase in net profit achieved in 2010, said Grewal.
Mannai operates a broad range of trade and service businesses where it believes it can add significant value. These include working with customers in the oil and gas, commercial, retail and Government sectors.
With Qatar hosting 2022 FIFA World Cup and the construction of Qatar Metro and Railway projects, huge investments are expected in the infrastructure and hospitality sectors, said Grewal.
Mannai with its diversified business activities is well placed to fully contribute and participate in the transformation of Qatar’s infrastructure, he added.-TradeArabia News Service
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