Mannai Corporation gets approval to distribute 20% cash dividend

Mannai Corporation held its Ordinary & Extraordinary General Assembly meetings yesterday and approved all the agenda of the meeting, including the board of directors’ proposal to distribute cash dividend of 20 percent, or QR2 per share, to its shareholders.

The meeting, presided over by Sheikh Suhaim bin Abdulla bin Khalifa Al Thani, Vice-Chairman of Mannai Corporation, highlighted the company’s financial performance in 2018.

Sheikh Suhaim said: “Despite regional geo-political pressure, Mannai Corporation achieved sustainable growth and EBITDA rose by 18.4 percent to QR1bn on consolidated revenue of QR10.7bn”.

Sheikh Suhaim thanked the outgoing Board Members for the valuable services rendered as a Director during their term in office. He said that the Company has elected new Board Members which comprises of three independent dirctors and the Company is thus fully compliant with the Corporate Governance Code on this aspect.

Alekh Grewal, Group Chief Executive Officer and Director, said: “Profit before interest and tax increased by 11 percent in the year, the overall net profit declined by 20 percent, mainly due to increase in finance costs relating to acquisition funding and higher interest rates.”

Source from: The Peninsula