DOHA: Mannai Corporation yesterday announced its first quarter results for the period ended March 31, 2014 and posted QR150m, up by 73 percent compared to QR86.7m in the corresponding period last year.
Revenues of the group increased to QR1.4bn, up by 4 percent compared to QR1.3bn during the same period in 2013, said a press statement. Earnings per share rose to QR3.29 from QR1.90. Return on equity increased to 33.5 percent compared to 22 percent.
Other income includes capital gains and recovery of doubtful debts which were provisioned in prior years in Damas.
Alekh Grewal, Group CEO and Director of the company, said: “The continued growth in profits reflects the Board’s vision towards building a strong international business. During the first quarter of 2014, Mannai bought out the minority shareholders in Damas International Ltd, and accordingly Damas is now a wholly owned subsidiary of Mannai.” Grewal added: “We remain optimistic that a number of new projects will be announced imminently for the infrastructure development of Qatar and we are well positioned to secure our fair share of these projects.” The Peninsula
