Doha: Mannai Corporation yesterday announced its first half year results for the period ended June 30, 2022. Subsequent to the same period, 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. Accordingly, on a like to like basis, Group Revenue increased by 11 percent to QR2.6bn, compared to QR2.4bn in the same period last year.
Group Gross Profit for the first half year increased by 12 percent to QR489m and Group EBITDA stood at QR293m.
Group Net Profit for the first half of the year reached QR90m, after accounting for a conservative provision of QR63m related to the disposal of Inetum SA, as compared to QR117m in the same period last year. On a normalised basis, excluding this specific provision, the Net Profit is at QR153m, representing a 31 percent increase over the same period last year.
The underlying Net Profit generated by the Qatar businesses in the first half year grew by 40 percent as a result of very positive trading in the first six months.
