Mannai Corporation said group gross profit for the first half of 2022 increased by 12% to QR 489 million and group EBITDA was QR 293 million.
As a result, on a like-for-like basis, group revenue increased by 11% to QR 2.6 billion compared to QR 2.4 billion in the same period last year.
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 l 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.
The underlying net profit generated by the Qatar operations in the first half increased by 40% thanks to very positive exchanges in the first six months.
After the financial year ended June 30, 2022, the group finalized the sale of its stake in Inetum SA (formerly GFI Informatique) after obtaining satisfactory legal and regulatory approvals.
Consequently, the group deconsolidated its stake in Inetum SA and received the proceeds of the sale in cash for an amount of €1.052 billion on July 21, 2022.
Mannai Corporation’s Board of Directors has resolved to convene an Ordinary General Meeting on September 7, 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 payment of the corresponding bank financing.
The first half results published for the period ended June 30, 2022 exclude Inetum SA as it is classified as discontinued operations in the income statement and assets held for sale in the balance sheet.