Earnings per share (EPS) amounted to QR0.209 for H1 compared to EPS of QR0.195 for the same period in 2022, Mekdam Holding Group chairman Sheikh Mohamed bin Nawaf bin Nasser bin Khalid al-Thani announced in a session Saturday.
Sheikh Mohamed said the group achieved a 35.8% y-o-y increase in operating profits to QR22.9mn in H1 2023 compared to QR16.8mn after the company’s ability to maintain revenue levels of QR245.4mn and reduce operating costs.
Ehab Naser, chief operating officer, said Mekdam Holding Group was able to sign QR652mn worth of new contracts in 2023. The total value of the contracts being implemented stood at about QR2,735mn, while the value of the remaining works amounted to about QR1,731mn.
On sales proposals, the total offers submitted and being negotiated with customers stood at about QR2,624mn. The expected success rate, according to historical indicators, ranges from 20-30%. The customer retention rate was around 90%.
The group has maintained its liquidity levels of 80.9% of its assets, which are current assets. The current ratio (current assets to current liabilities) is 1.4 times. The group also maintained low levels of indebtedness, with net indebtedness (bank loans minus cash and bank balances) amounting to QR63.3mn.
The board reviewed the process of increasing the company’s capital as the Extraordinary General Assembly approved the capital increase on June 11, 2023. The trading period for subscription rights, which extended from July 4, 2023 to July 17, 2023, has also been completed.
The trading volume during this period amounted to more than 1.32mn rights with a total value of QR3.14mn. The ratio of traded rights to the total rights acquired was about 4.41%, while the average trading price of the subscription rights amounted to QR2.373.
The average share price of Mekdam during this period amounted to QR4.997, which is higher than the average right price by QR2.624. This difference approximates the subscription price of QR2.51. Shareholders were invited to subscribe from July 25, 2023 to August 07, 2023.
The board also reviewed the performance of the stock on the Qatar Stock Exchange, where the Mekdam Holding Group was able to transfer the listing of shares from the venture market to the main market as of January 2, 2023. The group was also able to increase the shareholder base to approximately 650 shareholders. The founders, through the listing, offered about 33.8% of the group’s capital. The group aims to increase the shareholder base to about 1,000 shareholders and float 50% of the capital by the end of 2023.
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