Doha: Mannai Corporation QPSC, yesterday announced its third quarter results for the period ended September 30, 2020. Mannai Corporation reported a growth in third quarter revenues of 13 percent compared to the third quarter of 2019, bringing year to date revenues to QR8.5bn, in line with first nine months of last year.
Its gross profit for the nine- month period ended September 30, 2020 stood at QR1.7bn.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the quarter grew to QR255m, an increase of 14 percent compared to the third quarter of 2019, bringing year to date EBITDA to QR512m.
Net Profit for the third quarter was QR3m, compared to a QR7m loss reported in the third quarter of 2019, reflecting a turnaround following the first half trading results which were impacted by COVID-19 - related measures that closed the majority of its trading and retail businesses.
Keith Higley, Director, said, “We are pleased to report a significantly improved third quarter result compared to last year and the first half of 2020. This demonstrates that our businesses are recovering from the effects of lockdown measures imposed during the first half year.
Accordingly, as a result of the impact of COVID-19 on trading in the first half year, the Group has reported a net loss of QR199m in the nine month period ended in September, compared to a net profit of QR81m in the same period last year.
