Expansion strategy pays off for Qatar’s Mannai Corporation

: Monday, March 03 - 2014 @ 17:57

The Qatar Exchange 20 Index lost 0.92 per cent, falling to 11,664.02 points on Monday, March 3. The market bellwether, Industries Qatar, lost 1.73 per cent, falling to QAR192.60. Mannai Corporation advanced by 0.47 per cent to QAR106.90. Earlier in the day, the supermarket chain and retailer said its net income in 2013 amounted to QAR464 million, up from QAR400.3m. Mannai said that the acquisition of a 66 per cent stake in Dubai-based regional jewellery chain, Damas, was a defining moment for the firm. Mannai added that its diversification strategy has contributed 51 per cent from its international operations. On February 18, 2014, Mannai said in a filing to the bourse in Doha that it increased its stake in Damas, from 66 per cent to 81 per cent, through acquiring a direct 15 per cent shareholding in its indirect subsidiary, Golden Investments Holdings Limited – a holding company for Damas incorporated in the Dubai International Financial Centre (DIFC).

Gérard Al-Fil

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Monday, March 3- 2014 @ 17:57 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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