Mannai Corp reports healthy cash generationof QR340mn in first half
August 13 2020 12:30 AM
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Mannai Corp (MC) has reported a healthy net cash generation of QR340mn from operations in the first six months of this year, in support of the businesses.
Its earnings before interest, taxes, depreciation and amortisation stood at QR257mn in the review period.
The company’s gross profit was QR1.1bn on consolidated revenues of QR5.3bn in the first half of this year.
Revenues fell 6% year-on-year due to the impact of Covid-19-related closures affecting the majority of its trading and retail business.
The business interruption caused by the Covid-19 across its businesses led Mannai Corp register net loss of QR203mn in the review period.
“The net loss in the first half is clearly disappointing, but as lockdown measures continue to ease, we expect to see a notable improvement in business in the remainder of the year,” Keith Higley, Director, Mannai Corp, said.
Loss-per-share amounted to QR0.44 in the period compared to earnings-per-share of QR0.19 for the same period of the previous year.
The company is broadly divided into two key activities, trade and services. With businesses spanning the oil and gas sector, automotive distribution, information and communication technology, retail, home appliances and electronics, travel services, logistics and representation, the company provides a large spectrum of services and solutions to a fast-growing client base.

Last updated: August 13 2020 01:24 PM

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