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MEEZA Eecords 42% Increase in Revenue and 18% Increase in Net Profit in First hHlf of 2023
 
MEEZA Eecords 42% Increase in Revenue and 18% Increase in Net Profit in First hHlf of 2023

Doha, Qatar, 29 July 2023: MEEZA QSTP LLC (Public) (“MEEZA” & “the Company”) announced its financial results for the half year ended 30 June 2023, ahead of its imminent listing on the Qatar Stock Exchange.

QAR million

H1 2023

H1 2022

% change

2022

2023

Revenue

221.8 

156.3

41.9% 

41.9% 

156.3

221.8 

EBITDA

64.0 

61.5

4.2% 

4.2% 

61.5

64.0 

EBITDA*

Net Profit

29.7 

25.2

17.8% 

17.8% 

25.2

29.7 

Net Cash

121.2

80.0

51.6%

51.6%

80.0

121.2

Financial Summary
In May 2023, MEEZA successfully concluded its Initial Public Offering (“IPO”) with an oversubscribed order book covered by Qualified and Retail Investors.  It is worth noting that MEEZA is coordinating with the relevant regulatory authorities to finalize the final technical arrangements required to set the listing date of its shares on the Qatar Stock Exchange main market.
In the first half of 2023, MEEZA’s Net Profit reached QR 29.7 million, representing a 17.8% (or QR 4.5 million) increase over the same period last year and the highest first half year profit in the Company’s history, mainly driven by EBITDA and finance income growth.  Net Profit Margin for the period was 13.4% and Earnings Per Share (EPS) was QR 0.05.


The Company’s revenue grew by 41.9% (or QR 65.5 million) to reach QR 221.8 million, led by growth in the IT Solution Services and Managed Services segments.


EBITDA for the period increased by 4.2% (or QR 2.6 million) to reach QR 64.0 million, primarily driven by revenue growth and continued cost optimization.  EBITDA margin declined from 39.3% to 28.9% due to a higher contribution of IT Solution Services revenue to the overall revenue mix.
MEEZA’s Data Centre Occupancy reached 83% as of 30 June 2023. The Company increased its supply capacity to 24.4MW in October 2022 to meet ever-growing demand from the market.


Sheikh Hamad bin Abdullah Al Thani, Chairman of MEEZA, stated:
'MEEZA's financial results for the first half of 2023 show a continuation of its growth trajectory as it readies for its next phase as a publicly listed company. The success of our IPO subscription is a testament to MEEZA's position as the leading managed IT services company in Qatar.  We are proud to contribute to the technological advancement and progress of our nation in alignment with Qatar National Vision 2030.”

Commenting on the period’s achievements, Eng. Ahmed Abdullah Al-Muslemani, MEEZA CEO, stated:
'MEEZA’s journey has been filled with significant milestones and notable achievements, especially in recent years with the boom in demand for our portfolio services. We have successfully launched MEEZA Academy to train college students to meet the demands of the local ICT sector, and also expanded Managed Services Portfolio with Oracle Exadata Cloud@Customer to deliver cloud database services. Our results so far are on track to continue in the same trajectory, thanks to our prudent and continued investment in our data center infrastructure.  We look forward to creating more value for our new shareholder base.'

Posted by : Qatar and Doha City PR Network Editorial Team
Viewed 3410 times
PR Category : Banking & Investments
Posted on : Saturday, July 29, 2023  10:02:00 AM UAE local time (GMT+4)
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