Qatar: Al Mahhar Holding Company posts revenue growth of 20% in 2023

PHOTO

Doha: Al Mahhar Holding Company, one of the leading service and specialized products providers to the energy and infrastructure sectors in the State of Qatar, announced its financial results for the financial year 2023 which ended on 31st December 2023 (FY 2023).

Al Mahhar achieved robust revenue growth of 19.7%, reaching QR683.2m in FY 2023, up from QR570.9m in FY 2022. This significant growth was primarily fueled by Al Mahhar’s energy sector servicing subsidiary, Petrotec, and its portfolio companies, which accounted for approximately 88% of the FY 2023 revenue.

The strong revenue contribution of the energy sector servicing segment is underpinned by Al Mahhar’s strategy to capitalize on in-country value in Qatar, and its success in capturing emerging opportunities in the energy sector in the country. The strong segmental performance was highly supported by the joint contribution of all its Energy segment business units to the growth in products and services.

Al Mahhar’s net profit to equity holders increased by 38.5% YoY to QR28.2m (QR0.14 earnings per share) for the financial year 2023, from a net profit to equity holders of QR20.3m in FY 2022. Due to the improvement of operational efficiencies and increased profit attributed to non-controlling interests, this translated into a net profit margin growth from 3.6% in FY 2022 to 4.1% in FY 2023.

Based on the strong results achieved, Al Mahhar’s Board of Directors has decided to recommend to the Annual General Assembly an annual dividend to shareholders equivalent to 10% of Al Mahhar’s nominal share value amounting to QR20.7m (QAR 0.1 per share).

Commenting on the company’s strong financial performance and its future trajectory, Fahad Alfardan, Chairman of Al Mahhar Holding Company, remarked, “This year, Al Mahhar delivered strong financial achievements that underscore its resilience and strategic approach. Al Mahhar’s forward-thinking strategy and foresight lay the foundation for seizing the emerging opportunities in the Qatari energy sector. In the midst of today’s evolving market dynamics, our core mission remains steadfast: to drive Al Mahhar’s expansion by focusing on high-value projects that enhance our business and increase shareholder value.”