Mannai Corporation QPSC (Qatar Exchange: MCCS), today announced its first half results for the period ended 30e June 2022.
After the period ended on 30e In June 2022, the Group finalized the sale of its stake in Inetum SA (formerly known as GFI Informatique) after obtaining satisfactory legal and regulatory approvals. As a result, the Group deconsolidated its stake in Inetum SA and received the cash proceeds of the sale amounting to €1.052 billion on July 21, 2022.
The Board of Directors of Mannai Corporation QPSC has decided to convene an Ordinary General Meeting on September 7e 2022 at 6:30 p.m. Doha time to propose an interim dividend of a portion of the net cash proceeds remaining from the sale of Inetum SA, after settlement of the related bank financing.
The published results of the first half for the period ended on 30e June 2022 excludes Inetum SA as it is classified as discontinued operations in the income statement and assets held for sale in the balance sheet. As a result, on a like-for-like basis, group revenue increased by 11% to QR 2.6 billion from QR 2.4 billion in the same period last year.
Group gross profit for the first half increased by 12% to QR 489 million and group EBITDA amounted to QR 293 million.
Group net profit for the first half was QR 90 million, after taking into account a conservative provision of QR 63 million related to the disposal of Inetum SA, compared to QR 117 million in the same period last year. On a normalized basis, excluding this specific provision, net profit amounted to QR 153 million, an increase of 31% compared to the same period last year.
Underlying net profit generated by the Qatar business in the first half increased by 40% thanks to very positive exchanges in the first six months.
Mannai Corporation QSC published this content on August 14, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on Aug 14, 2022 6:52:03 PM UTC.