Doha: Mannai Corporation yesterday announced its full year results for the period ended December 31, 2020, and reported a strong turn around during the fourth quarter of last year to deliver full year profit on consolidated revenue of QR12.4bn.
The company recorded a growth of 26 percent in revenue during the fourth quarter of 2020 to QR3.9bn compared to the fourth quarter of 2019; bringing year to date revenues to QR12.4bn, a year over year growth of 7 percent.
EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortisation) for the fourth quarter of 2020 grew to QR472m, bringing full year EBITDA to QR984m.
The company recorded a net profit of QR214m for the fourth quarter of 2020, reversing the net loss incurred in the first nine months of 2020 due to the COVID-19 related closures which restricted trading during the year. This result contributes to a full year profit of QR14m.
Keith Higley, Director at Mannai Corporation, said: “The strong result in the fourth quarter, building on the improvement reported in the third quarter, rounds off a significant turnaround following the first half of 2020”.
