Mekdam reports QR18.4mn net profit at the end of September 2021
October 22 2021 08:16 PM
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Mekdam Holding Group

Mekdam Holding Group, a new entrant in the venture market of the Qatar Stock Exchange (QSE), has reported 9.4% year-on-year jump in net profit to QR18.4mn for the period ended September 30, 2021.
This earnings growth is mainly attributable to the growth in business volume, said the company, whose revenues zoomed 71.9% year-on-year to QR180.4mn for the period ended September 30, 2021.
"The easing of coronavirus restrictions has accelerated the pace of business implementation and recovery of the previous decline in the project execution and profitability," a company spokesman said.
Mekdam Holding chief executive Ehab Naser said during 2021, it was able to sign new contracts with a total value of QR560mn, exceeding the target for the year.
The total value of the contracts being implemented amounted to QR1.11bn, while the value of the remaining works amounted to QR767mn. With respect to the sales proposals, the total offers submitted and being negotiated with customers amounted to about QR1.5bn.
As of September 30, 2021, Mekdam Holding Group has maintained its liquidity levels of 77.3% of its assets, which are current assets. The current ratio (current assets to current liabilities) is 1.9 times.
The group also maintained low levels of indebtedness, with net indebtedness (bank loans minus cash and cash balances) amounting to QR10.4mn.
The company spokesman said the listing of Mekdam Holding Group has reflected in an increase in the market value of the shares from the initial price, and the group was able to increase its shareholder base to about 280, about 84% of who are Qataris.
The annual rate of return to market cap (inverted P/E or price earnings ratio) of the group was about 6.6%, exceeding the annual rate of return to market cap on the QSE which was at 5.4% as of September 30, 2021.



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