Mannai Corporation earned a net profit of QR171mn in 2024, the company said last night.
Group revenue for the year stood at QR5.6bn, driven by the jewellery business continuing its year-on-year growth by 9.4% over last year and contributing 26% of the total group revenue. The information and communication technology business contributed 50% of the total group revenue and 15% came from automotive group.
Group gross profit was above QR1bn, an increase of 4% compared to the last year as a result of improved gross profit margins.
Earnings before interest and taxes (EBIT) for the period were QR402mn. Net orofit for the year was QR171mn, slightly ahead of the previous year, after finance costs of QR225mn incurred during the year.
Earnings-per-share for 2024 stood at QR0.37 compared to QR0.37 for the previous year.
“Our core businesses in Qatar, led by Information and Communication Technology and the Automotive Group, remained major contributors to the group’s revenue and net profit. The last quarter of the year was exceptionally strong in terms of growth and overall profit contribution for the year, helping to deliver the full year group results. The Group is well-positioned to seize future opportunities and navigate potential challenges effectively,” Mannai Corporation said.
