DOHA: Mannai Corporation's (Qatar Exchange: MCCS) net profit for the financial year ended December 31, 2012 has increased by 43.36 percent compared to QR279 million in 2011, according to a QE notification Thursday.
The group's turnover increased by 108 percent to QR4.77 billion as compared to QR2.29 billion during the same period of 2011 and the Earnings Per Share (EPS) were up by 16 percent to QR10.43 compared to QR9.01 in 2011.
The Board of Directors has recommended the distribution of cash dividend of 47.5 percent (QR4.75 per share) on the increased share capital of QR 456.19 million.
The group attributed the 43.36 percent increase in profit to the acquisition of a stake in Damas in the second quarter of 2012.
Mannai Corp CEO and Director Alekh Grewal said, "Mannai’s acquisition in 2012 of a 66 percent stake in Damas is a defining moment in the history of the company.
With this acquisition the company has taken a major step forward achieving a revenue of over US $1.3 billion."
The group's Annual General Assembly will be held at the Al Silia Ballroom, Grand Hyatt Hotel Doha at 6 pm on March 20. (QNA)
