(The Group's Comments) Mannai Net Profit
Drops to QR 49.5 Million in Q1 2019
April
30,
2019
Profits: Mannai
Corp.’s profits dropped to QR 49.53 million in the first quarter
of 2019, compared to QR 90.74 million for the corresponding
quarter of 2018, while its earnings per share stood at QR 1.09,
versus QR 1.99. This decline was due to higher financing costs,
which jumped to QR 100.4 million in the first quarter of this
year, compared to QR 57.8 million in the same period of last
year, and also due to the increase in depreciation expenses that
reached approximately QR 28 million.
Comprehensive Income: Mannai recorded a loss of QR 9.0 million
in the statement of comprehensive income compared to a profit of
QR 95.9 million for the first quarter of 2018.
Revenues: increased by 14% to QR 2,853.6 million in
the first quarter of this year, compared to QR 2,501.9 million
for the corresponding period of 2018, with a gross profit of QR
621.7 million, versus QR 392.5 million.
Financing Costs: As mentioned above, financing costs saw a
significant increase by QR 42.6 million, to settle at QR 100.4
million, since the company often finances its acquisitions
through loans, which has resulted in higher financing costs.
Loans: The total
balance of loans amounted to about QR 6.4 billion, and the ratio
of loans to shareholders' equity reached 250%.
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