Mannai reports QR294m pre-tax profits.
31 Oct 2017 - 0:00
Mannai Corporation recorded a group revenue of QR4.4bn for the third quarter of 2017, up 26 percent from a year ago. The gross profit increased by 24 percent to QR1.0bn. During the year the company continued with its strategy of diversifying geographically by acquiring controlling interests in GFI Informatique a French publicly listed major IT company operating in France and 16 other countries in Europe, Africa and Latin America. The increase in the gross profit is mainly due to the acquisition of controlling interests in GFI Informatique.
With this acquisition the company now employs over 20,000 employees of 42 different nationalities in 20 countries. The pre-tax profits showed a decline of 15 percent (QR294m) compared to the previous year, partly due to increase in finance cost incurred for funding the acquisition and the general market condition in the region.
However, the company is optimistic of improving the performance in the long term on the back of overseas investments made in the recent past and other opportunities in Qatar as the country embarks on major infrastructure projects for hosting FIFA World Cup in 2022.