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Mannai Net Profit Down 5.4% to QR506.1 Million; Board Recommends
Distributing 40% in Cash Dividends
March 1, 2018
Al Mannai Corporation net profit amounted to
QR506.1 million for the year 2017, compared to QR535.1 million
for the same period last year. The corporation’s earnings per
share stood at QR11.09, compared to QR11.73 for the same period
of the previous year. The Board of Directors recommended
distributing QR4 per share in cash dividends.
The Group’s Comments:
Mannai’s gross profit generated from sales
increased by 46.3% to QR1.18 billion in 2017, and other income
and profit from associates increased by 7.7% to QR356.6 million.
On the other hand, all expenses increased by 67% to QR1,241
million. Deducting financing expenses, which increased by 35.9%
to QR173.6 million, and depreciation expenses that increased to
QR123.1 million, the result is a net profit of QR506.1 million,
a decrease of 5.4% from the previous year. However, the
comprehensive income rose to QR653 million due to an increase in
fair value.
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