Mannai Corporation reported a 7.6% increase in revenue to reach QR11.6bn in 2019 over QR10.8bn in the previous year, driven by solid growth in its Information and Communications Technology (ICT) businesses.
ICT revenue crossed QR9bn, which accounts for 79% of the total revenue in the current period, Mannai said in a statement on Saturday.
The group’s profit before interest, tax, depreciation and amortisation expenses (Ebitda) for 2019 increased to QR1.1bn compared to QR1bn last year, an increase of 7.5%.
"Despite strong performance by the ICT business, the net profit was depressed due to the increase in finance costs; subdued general market conditions in the retail and luxury segment impacted the performance of its jewellery business.
During the period, finance costs increased by QR87mn to QR405mn, an increase of 27% over last year, mainly as a result of higher borrowings relating to increased investment and acquisitions in the Information Technology segment," Mannai Corporation said.