Mannai Corporation has posted a net profit of QR343mn in nine months up to September, the company said yesterday.
Group results for the third quarter improved significantly to QR123mn net profit, compared to QR103mn in the same period last year.
In the first nine months of 2015, Mannai had registered a net profit of QR379mn.
“The decline in net profit was mainly due to the economic slowdown in the region and depressed market conditions in the group’s retail businesses,” the company said.
Following Mannai’s acquisition earlier this year of a majority stake in GFI Informatique, a public listed company in France, the group’s level of profits from associates and joint ventures has grown by 59% to QR77mn in the nine month period up to September 30 compared with QR48mn in the previous year.
Mannai Group CEO and director Alekh Grewal said “The business of GFI Informatique, an IT conglomerate with operations in Europe and North Africa, has further diversified Mannai’s revenue stream internationally and will be an important contributor to Mannai’s future growth and quality of earnings going forward.”
