Mannai Corporation pins hopes on sustained performance on the back of diversification across the Gulf region and growing opportunities in the domestic market in view of fast-paced infrastructure development.
“Our expanding regional diversity and the opportunities flowing from the infrastructure development taking place in Qatar will continue to sustain the company’s performance in 2014 and beyond,” Mannai Corporation chairman Hamad bin Abdulla bin Khalifa al-Thani said in a statement to shareholders.
The medium term strategy continues to be to maintain a strong capital base for growth, expansion of overseas earnings and the continued development of core business in Qatar,” said Mannai Corporation vice-chairman Sheikh Suhaim bin Abdulla bin Khalifa al-Thani, who chaired the annual general assembly meeting. At the annual general assembly meeting, shareholders approved net profit of QR539mn and cash dividend of 55%.
The international diversification strategy has contributed 51% of revenues from international operations, which enabled Mannai Corporation to deliver another year of record profits, according to Alekh Grewal, Group CEO and director.
Mannai recently exercised a call option to acquire the 15% stake of the founder shareholders in Damas, to effective take its stake to 81% in Damas International.