Mannai Corporation reports H1 gross profit of QR489mn on consolidated revenue of QR2.6bn
August 16 2022 11:19 PM
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Mannai Corporation
Mannai Corporation

Mannai Corporation has reported group gross profit for the first half of 2022 increased by 12% to QR489mn and group EBITDA stands at QR293mn.
Accordingly, on a like-to-like basis, group revenue increased by 11% to QR2.6bn compared to QR2.4bn in the same period last year.
Group net profit for H1 is at QR90mn after accounting for a conservative provision of QR63mn related to the disposal of Inetum SA compared to QR117mn in the same period last year.
On a normalised basis, excluding this specific provision, net profit is at QR153mn, representing a 31% increase over the same period last year.
The underlying net profit generated by the Qatar businesses in the first half year grew by 40% as a result of very positive trading in the first six months.
Subsequent to the period ended June 30, 2022, the group completed the disposal of its investment in Inetum SA (formerly known as GFI Informatique) after the satisfactory completion of mandatory legal and regulatory approvals.
Consequently, the group deconsolidated its investment in Inetum SA and received the cash proceeds from the disposal amounting to €1.052bn on July 21, 2022.
The board of directors of Mannai Corporation decided to call an Ordinary General Assembly on September 7, 2022 at 6.30pm Doha time to propose an interim dividend from part of the remaining net cash proceeds following the sale of Inetum SA after settling the related bank finance.
The reported first half year results for the period ended June 30, 2022 are excluding Inetum SA as it is classified as discontinued operations in the income statement and assets held for sale in the balance sheet.
 
 



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