Mannai reports net profit of QR166m in H1

 09 Aug 2017 - 23:47

The Peninsula

Mannai Corporation reported a net profit of QR166m in the first half (H1) of 2017, down by 24.5 percent compared to QR220m in the corresponding period last year.
Revenues of the Mannai Group fell by 7 percent to QR2.31bn during the period. Depressed market conditions in the retail and luxury segment and the general economic slowdown has resulted in the net profit decline.  In continuation of the Group’s strategy of diversifying its earnings the Company is further consolidating its stake in GFI Informatique with an increase in its shareholding to 80 percent during 2017.