(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%.