Qatar: Mannai posts $69.50mln gross profit on consolidated revenue of $357mln in Q1

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Doha, Qatar: Mannai Corporation QPSC (Qatar Exchange: MCCS), today announced its first quarter results for the period ended 31st March 2024.

Group Revenue increased by 6 percent to QR1.3bn for the first quarter 2024 as compared to the same period last year 2023, mainly driven by growth in the Jewellery Retail and Information and Communication Technology businesses.

Group Gross Profit for the period was QR253m, representing an 11 percent increase compared to QR227m for the same period last year, the result of the Revenue growth along with improved margins.

Group Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for the period grew by 10 percent to QR 130 Million compared to QR 119 Million for the same period last year.

Group Earnings before Interest and Taxes (EBIT) also grew by 10 percent for the period to QR82m compared to QR74m for the same period last year.

Group Net Profit for the period has more than doubled to QR28m for the first quarter compared to QR12m for the same period last year, aided by QR10m lower Finance Costs.

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

Additionally, in the first quarter 2024 the 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.