Qatar Exchange listed Mannai Corporation (QE: MCCS) net profit is up 73% to QR 150.1 Million for the first quarter of fiscal year 2014 ending March 31 compared with QR 86.7 Million for FY 2013, the company announced.
The Qatari company’s earnings per share jumped to QR 3.29 from QR 1.90. Revenues are up 4% to QR 1.4 Billion compared with QR 1.3 Billion in FY2013.
Return on equity increased to 33.5% compared to 22% for the year ended December 31, 2013.
Other income includes capital gains and recovery of doubtful debts, provisioned in prior years in Damas.
Mannai Group Chief Executive Officer and Director Alekh Grewal, said, “Continued growth in profits reiterates the Board of Directors’ vision to build a strong international business.” Damas is now a wholly owned subsidiary of Mannai after it bought minority shareholders in Damas International Limited (DIL) during the first quarter of 2014, he said.
DIL operates as an integrated jewellery and watch retailer primarily in the Middle East. It trades in gold and gold jewellery, diamond jewellery, pearls, watches, silver, and precious stones.
Mannai Corp is in good position to secure “a fair share” of Qatar’s new infrastructure development projects on the way, Grewal said.
Source : Qatar News Agency