MEEZA net profit up 18% to QR29.7mn in H1 2023

MEEZA reported a net profit of QR29.7mn in the first half of 2023, representing a 17.8% year-on-year increase (QR4.5mn) – the highest first half-year profit in the company’s history, mainly driven by EBITDA and finance income growth.Net profit margin for the period was 13.4% and earnings per share (EPS) was QR0.05. The company’s revenue grew by 41.9% (QR65.5mn) to reach QR221.8mn, led by growth in the IT Solution Services and Managed Services segments.EBITDA increased by 4.2% (QR2.6mn) to reach QR64mn, primarily driven by revenue growth and continued cost optimisation. EBITDA margin declined from 39.3% to 28.9% due to a higher contribution of IT solution services revenue to the overall revenue mix.MEEZA’s data centre occupancy reached 83% as of June 30, 2023. The company increased its supply capacity to 24.4MW in October 2022 to meet the ever-growing demand from the market.In May 2023, MEEZA successfully concluded its Initial Public Offering (IPO) with an oversubscribed order book covered by qualified and retail investors. It is worth noting that MEEZA is co-ordinating with the relevant regulatory authorities to finalise the final technical arrangements required to set the listing date of its shares on the Qatar Stock Exchange main market.MEEZA chairman Sheikh Hamad bin Abdullah al-Thani said, "MEEZA’s financial results for the first half of 2023 show a continuation of its growth trajectory as it readies for its next phase as a publicly listed company."The success of our IPO subscription is a testament to MEEZA’s position as the leading managed IT services company in Qatar. We are proud to contribute to the technological advancement and progress of our nation in alignment with Qatar National Vision 2030.”Ahmed Abdullah al-Muslemani, MEEZA CEO, said: "MEEZA’s journey has been filled with significant milestones and notable achievements, especially in recent years with the boom in demand for our portfolio services. We have successfully launched MEEZA Academy to train college students to meet the demands of the local ICT sector and also expanded managed services portfolio with Oracle Exadata Cloud@Customer to deliver cloud database services."Our results so far are on track to continue in the same trajectory, thanks to our prudent and continued investment in our data centre infrastructure. We look forward to creating more value for our new shareholder base.”