Yesterday, the Board of Directors of Meqdam Holding Group, chaired by Sheikh Mohammed bin Nawaf bin Nasser bin Khaled Al Thani, held a meeting to discuss and approve the financial statements for the period ending on 6-30-2023.
The Chairman of the Board indicated that the Meqdam Holding Group has achieved growth in operating profits, as operating profits before banking interest and depreciation amounted to 22.9 million riyals for the period ending on June 30, 2023, compared to 16.8 million for the same period of the previous year, with a growth rate of 35.8%. This improvement in operating profits came as a result of the company’s ability to maintain revenue levels that amounted to 245.4 million riyals, and to reduce operating costs. Meqdam Holding Group achieved a net profit of 15.7 million Qatari riyals for the period ending on June 30, 2023, compared to 14.6 million riyals in the corresponding period of 2022, with a growth rate of 7.1%, as the sharp rise in interest rates curbed the growth in net profits. Earnings per share amounted to 0.209 riyals for the period ending on June 30, 2023, compared to 0.195 Qatari riyals for the corresponding period in 2022.
The CEO, Mr. Ihab Nasr, indicated that the Meqdam Holding Group was able, during the year 2023, to sign new contracts with a total value of 652 million Qatari riyals. The Council was also briefed on the total value of the contracts being executed, which amounted to about 2,735 million Qatari riyals, while the value of the remaining works amounted to about 1,731 million Qatari riyals. As for the offers submitted and being negotiated with clients, they amounted to about 2,624 million Qatari riyals, and the expected award rate, according to historical indicators, ranges from 20% to 30%. The customer retention rate is around 90%. The Board of Directors stressed to the executive management the importance of these indicators, as these indicators are the main factor in building future revenue and net profit expectations and enhancing the value of shareholders’ equity.
As for the financial position of the Meqdam Holding Group, the group maintained its liquidity levels as of June 30, 2023, as the ratio of its current assets reached about 80.9%, while the trading ratio (current assets to current liabilities) amounted to 1.4 times. The group also maintained low levels of indebtedness, as the net indebtedness (bank loans minus cash and bank balances) amounted to about QR 63.3 million. These loans are granted to the company in the form of financing projects that end with the implementation of these projects and their delivery to customers.
