Doha: Mannai Corporation yesterday announced its nine-month results for the period ended 30th September 2024.

The Group Revenue for the nine-month period was QR4.1bn, which is an increase of QR 114m over last year same period, mainly driven by growth in the Jewellery business. The Group Gross Profit for the period was QR738m, representing an 8% increase compared to QR682m for the same period last year, the result of the Revenue growth along with improved margins.

Group Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for the period was QR376m compared to QR365m for the same period last year. Group Earnings before Interest and Taxes (EBIT) stood at QR236m.

Group Net Profit for the period increased by 46% to QR63m compared to QR43m for the same period last year, driven by Jewellery business and rebounding of other Qatar businesses.

We expect to continue this positive momentum across our broad range of businesses during the reminder of the year.

Michael Deeter, CEO Qatar, had advised the Board of his intention to resign on 31st October to pursue other interests.

The Board has accepted his resignation and thanked Deeter for his contribution to Mannai over the last 4 years or so.

A separate announcement will be made shortly regarding the proposed appointment of a Group CEO Mannai Corporation in an expanded role.

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