Meeza QSTP's nine-month net profit up 29pc
COMMERCIAL NEWS
Meeza QSTP, an end-to-end managed IT services and solutions provider, has seen its nine-month (9M) net profit jump 29% to QR46 million ($12.6 million), the highest 9M profit in the company’s history, mainly driven by revenue growth.
Net Profit Margin for the period was 14.8%, increasing 0.6pp year-on-year with Earnings Per Share (EPS) of QR0.07, a company release said.
The company’s revenue grew by 23.8% (or QR59.8 million) to reach QR311.2 million, led by growth in the IT Solution Services and Managed Services segments.
EBITDA rise
EBITDA for the period increased by 4.1% (or QR3.7 million) to reach QR92.8 million, primarily driven by revenue growth and continued cost optimisation. EBITDA margin declined from 35.5% to 29.8% due to a higher contribution of IT Solution Services revenue to the overall revenue mix.
Meeza boasts a healthy financial position with a cash balance of QR258.6 million, in addition to QR1.2 billion in future committed contract value.
Most notably during the third quarter, the company officially listed 100% of its shares on the Qatar Stock Exchange in August 2023. The listing came after a successful IPO which was oversubscribed and involved the first ever book building exercise on the Qatar Stock Exchange’s history.
Meeza had also signed a Liquidity Provision Agreement with Qatar National Bank Financial Services (QNB FS) to maintain transaction volume and price stability.--TradeArabia News Service
