Mannai Corporation posts QR276mn net profit in 2021

Revenues grew 16.3% to QR14.4bn and earnings before interest, taxes, depreciation and amortisation or Ebitda by 26% to QR1.24bn.“The QR276mn net profit, and the tremendous contribution from our businesses in Qatar, demonstrates the underlying strength of the turnaround in our business in 2021 and the positive trend in business culminating in a strong fourth quarter gives encouragement for the way ahead,” said Keith Higley, director, Mannai Corporation.The proposed sale of Mannai’s shares in Inetum, its French ICT (information, communication and technology) subsidiary, was notified to the market via the Qatar Stock Exchange on January 20, 2022.The sale process is proceeding as planned and is currently under consultation with employee representatives.A general assembly will be convened in April to enable Mannai's shareholders to review the proposed sale. Should the shareholders approve the sale, it is slated to result in a planned and positive change in the shape of Mannai’s balance sheet in 2022.Whilst there will be a reduction in group revenue following the sale of Inetum, there will also be a "significant" reduction in the level of Mannai’s bank borrowings, debt gearing and interest costs going forward.The Inetum sale will have no effect on Mannai’s domestic ICT business, which continues to build on its leading market share in Qatar, underpinned by its strong and lengthy forward order book.