Robust contributions from infrastructure projects in Qatar have helped Mannai Corporation increase its gross profit by 30% in the first six months of 2015.
Mannai Group revenue has also increased by 11% to QR3.1bn in the first half of 2015 compared to the same period last year, the firm said in a statement.
However, “other income” slipped to QR49.7mn from QR308.8mn in the same period “mainly due to the significant level of one-off income in Damas” in the first half of 2014 from the culmination and success of the turnaround activity and restructuring of the Damas business.
“Consequently, group net profit overall was reduced to QR276.3mn in the first half of 2015 compared to QR315mn in the same period last year,” the statement said.
It added, “Qatar businesses performed exceptionally well in the first six months, reflecting a strong Qatari economy, with our Information Technology (IT) business, automotive, energy and industrial and Gulf Laboratories businesses delivering strong year-on-year growth in profits.”
Group CEO and director Alekh Grewal said: “The underlying core earnings of the group grew by 22% in the first half year, and the ongoing healthy trend in our Qatari businesses, coupled with the contribution from Damas gives confidence for a strong performance in the remainder of the year.”