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Home / Business / Mannai Corporation skeleton vital buys – Peninsula On

Mannai Corporation skeleton vital buys – Peninsula On

Sheikh Suhaim bin Abdulla bin Khalifa Al Thani (centre) along with other directors of a association during a Ordinary General Assembly Meeting of Mannai Corporation yesterday. SALIM MATRAMKOT

BY MOHAMMAD SHOEB

DOHA: Mannai Corportation, one of a largest trade and use companies in Qatar with a diversified business portfolio, is looking brazen to appropriation businesses in a far-reaching operation of sectors, including trinket and watches in a internal marketplace as good as overseas, pronounced a comparison central of a organisation yesterday. 

“We have successfully finished a 100 percent merger of Damas in a initial entertain of this year, and still looking for some-more acquisitions wherever a event arises,” pronounced Alekh Grewal, Group CEO and Director of Mannai Corporation.

Grewal, vocalization on a sidelines of a company’s Annual General Meeting (AGM), said: “We have over 10 businesses in Qatar, and any of them is well-positioned to acquire one or dual companies and exploring investment opportunities in their particular fields.”

However, he pronounced that given each zone of a Qatari economy is awaiting a bang in a entrance years, there is zero specific accessible in a marketplace that is appealing adequate for acquisition.

According to Grewal, a organisation warranted scarcely 14 percent lapse on investment in Damas in 2013, that stood during about Dh252m profits, and it is awaiting some-more gain in a stream year.

The AGM, chaired by Sheikh Suhaim bin Abdulla bin Khalifa Al Thani, Vice Chairman of a company, authorized a recommendations of a house of directors to discharge a money division of 55 percent to shareholders, that is QR5.5 per share owned, as a association purebred a clever distinction during 2013. On interest of Sheikh Hamad bin Abdulla bin Khalifa Al Thani, Chairman of a company, Sheikh Suhaim, said: “The board’s medium-term plan continues to be to say a clever collateral bottom for growth, enlargement of a company’s abroad gain and a continued growth of a core business in Qatar.”

He also said: “As a outcome of a company’s strength of gain from Qatar and a general operations a house was gratified to suggest an boost in dividends from 47.5 percent in a prior year (2012) to 55 percent in 2013.”

Speaking about a company’s opening in 2013, a Group CEO, added: “Our general diversification plan has contributed 51 percent of revenues from general operations, that has enabled a Corporation to broach another year of record profits.”

Mannai Corporation Group’s net distinction grew by 16.3 percent to QR539m for 2013. International acquisitions contributed 61 percent of net profit. The group’s income is adult 17.5 percent to QR5.6bn in 2013 compared to QR4.7bn for a same duration in 2012.

Mannai Corporation distinguished a 60th anniversary in 2010 as one of a largest trade and use companies in Qatar. From a common beginnings as an automobile tools trader, a Mannai Group grew to ring activities trimming from offshore rigs to telecommunications, with interests in many tools of a world.

The Peninsula

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