Mekdam Holding Group achieved a net profit of QR21.2mn for the first nine months of 2022, a 15.3% growth over QR18.4mn in the same period last year.
Mekdam chair, Sheikh Mohamed bin Nawaf bin Nasser bin Khalid al-Thani, said growth in net profit is mainly attributable to the growth in business volume. Earnings per share (EPS) amounted to QR0.312 for the period ended September 30, 2022, compared to EPS of QR0.270 for the same period in 2021.
Sheikh Mohamed said Mekdam’s revenue reached QR363.1mn for the period ended September 30, 2022, compared to QR180.4mn for the same period of the previous year with a growth rate of 101.3%.
He said providing new services in the distance education system, the comprehensive maintenance services for gas recycling plants, and the ground manpower to Qatar Airways Group enhanced the earning level.
Ehab Naser, CEO, said Mekdam was able to sign new contracts in 2022 with a total value of QR1,218mn – exceeding the annual target for this year. The board was also briefed on the total value of the contracts being implemented, which amounted to about QR2,090mn, while the value of the remaining works amounted to about QR1,493mn.
With respect to sales proposals, the total offers submitted and being negotiated with customers amounted to about QR2,036mn. The expected success rate, according to historical indicators, ranges from 20% to 30%. The customer retention rate was around 90%.
The board of directors emphasised the importance of these indicators to the executive management, as these indicators are the key factor in building revenue expectations, net future profits, and enhancing the value of shareholders’ equity.
Mekdam’s financial position grew by 59.9% by end of September 30, 2022, compared to December 31, 2021, because of the steady expansion of the group’s business volume. As of September 30, Mekdam has maintained its liquidity levels of 82.3% of its assets, which are current assets. The current ratio (current assets to current liabilities) is 1.3 times. The group also maintained low levels of indebtedness, with net indebtedness (bank loans minus cash and bank balances) amounting to QR65.4mn.
The board reviewed credit rating results, where Standard & Poor's confirmed the rating of Mekdam Holding Group at (gcBBB-), which places the group in the list of the top 25 private companies in the Middle East and North Africa.
The board also reviewed the stock's performance in the venture market, where the results of the year 2021 and dividends were welcomed by traders in the Qatar Stock Exchange. This was reflected in the increase in the market value and the increase in the liquidity of the stock. The group was also able to increase the shareholder base to approximately 450 shareholders. The founders, through the listing, offered about 23.8% 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 end of the year 2022.
Mekdam chair, Sheikh Mohamed bin Nawaf bin Nasser bin Khalid al-Thani, said growth in net profit is mainly attributable to the growth in business volume. Earnings per share (EPS) amounted to QR0.312 for the period ended September 30, 2022, compared to EPS of QR0.270 for the same period in 2021.
Sheikh Mohamed said Mekdam’s revenue reached QR363.1mn for the period ended September 30, 2022, compared to QR180.4mn for the same period of the previous year with a growth rate of 101.3%.
He said providing new services in the distance education system, the comprehensive maintenance services for gas recycling plants, and the ground manpower to Qatar Airways Group enhanced the earning level.
Ehab Naser, CEO, said Mekdam was able to sign new contracts in 2022 with a total value of QR1,218mn – exceeding the annual target for this year. The board was also briefed on the total value of the contracts being implemented, which amounted to about QR2,090mn, while the value of the remaining works amounted to about QR1,493mn.
With respect to sales proposals, the total offers submitted and being negotiated with customers amounted to about QR2,036mn. The expected success rate, according to historical indicators, ranges from 20% to 30%. The customer retention rate was around 90%.
The board of directors emphasised the importance of these indicators to the executive management, as these indicators are the key factor in building revenue expectations, net future profits, and enhancing the value of shareholders’ equity.
Mekdam’s financial position grew by 59.9% by end of September 30, 2022, compared to December 31, 2021, because of the steady expansion of the group’s business volume. As of September 30, Mekdam has maintained its liquidity levels of 82.3% of its assets, which are current assets. The current ratio (current assets to current liabilities) is 1.3 times. The group also maintained low levels of indebtedness, with net indebtedness (bank loans minus cash and bank balances) amounting to QR65.4mn.
The board reviewed credit rating results, where Standard & Poor's confirmed the rating of Mekdam Holding Group at (gcBBB-), which places the group in the list of the top 25 private companies in the Middle East and North Africa.
The board also reviewed the stock's performance in the venture market, where the results of the year 2021 and dividends were welcomed by traders in the Qatar Stock Exchange. This was reflected in the increase in the market value and the increase in the liquidity of the stock. The group was also able to increase the shareholder base to approximately 450 shareholders. The founders, through the listing, offered about 23.8% 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 end of the year 2022.