(MENAFN- The Peninsula) The shareholders of Mannai Corporation yesterday approved the distribution of cash dividend of QR7 per share being 70 percent of the nominal value and a bonus issue of 20 percent of the share capital of the Corporation, in the form of one bonus share for every five shares held recommended by the Board at their Annual General Assembly and Extraordinary General Assembly.
"The board continues to believe the level of dividends and free shares the company is able to issue remains an important element of creating value for our shareholders," said the Chairman of Mannai Corporation, Sheikh Hamad bin Abdulla bin Khalifa Al Thani
The corporation posted a 25 percent increase in net profit from QR184.2m in 2009 to QR230.9m in 2010. Earnings per share increased from QR 7.75 in 2009 to QR9.72 in 2010.
Sheikh Hamad bin Abdulla also said in Mannai Corporation, trading followed a similar pattern to last year with stronger growth in the Business to Business sector than in the retail sector where consumer confidence appeared to start recovering only towards the end of 2010.
"In terms of financial performance since becoming a Public listed company the Net Profit achieved in 2010 is more than double the level reported for 2007, the year Mannai Corporation listed on the Qatar Exchange," he said.
"Given the diversity of Mannai's business supported by its healthy balance sheet and the underlying strength of the Qatar economy, I am confident the Company will continue to sustain its performance in 2011 and beyond."
In line with the company's strategy to invest for the future expansion of its business, both in Qatar and regionally, the company made a significant investment in the building of an engineering workshop in RasLaffan during the year and acquired majority ownership of an IT company in Jordan.
Besides, as required by the Qatar Financial Markets Authority the Company has issued a comprehensive report on its compliance with the recently introduced Corporate Governance Code.
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