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The Vice Chairman of Mannai Corporation, Sheikh Suhaim bin Abdulla bin Khalifa Al Thani (fourth left), along with other directors, pose after the AGM of the company in Doha, yesterday. Salim Matramkot
BY MOHAMMAD SHOEB
DOHA: Mannai Corporation QSC (Qatar Exchange: MCCS), yesterday unveiled its new logo after 60 years at the its Annual General Assembly (AGM) meeting.
The new logo, that represents Mannai Corporation’s global aspirations, was unveiled by Sheikh Suhaim bin Abdulla bin Khalifa Al Thani, Vice Chairman of the Company and Alekh Grewal, Group CEO and Director of MCCS.
The General Assembly Meeting, which took place at Grand Hyatt Hotel, was Chaired by Sheikh Suhaim. During his address to the shareholders of the company, he highlighted the financial performance of Mannai in 2012. The Extraordinary General Assembly meeting was also held after the General Assembly meeting at the same venue.
The company’s net profit for the financial year ended December 31, 2012, increased by 43 percent to QR400m compared with QR279m in 2011, according to the financials of the Company.
The company also registered a sharp increase in its revenues by 108 percent to QR4.77bn in 2012 as compared to QR2.29bn during the corresponding period in 2011. The earnings per share (EPS) was up by 16 percent to QR10.43 compared to QR9.01 in 2011.
The meeting also reviewed the board of directors’ proposal for the distribution of cash dividend of 47.5 percent (QR4.75 per share) on the increased share capital of QR456.19m.
For the sharp increase in its profits, the group attributed to the acquisition of a stake in Damas in the second quarter of 2012.
On behalf of Sheikh Hamad bin Abdulla bin Khalifa Al Thani, Chairman of the Company, Sheikh Suhaim said that the board’s medium term strategy, has three main aims: To maintain a strong capital base for growth, expansion of the company’s overseas earnings and the continued development of its core business in Qatar.