Qatar: MEEZA net profit surges 29% to $12.63mln for nine months

Qatar: MEEZA net profit surges 29% to $12.63mln for nine months

Doha, Qatar: MEEZA QSTP LLC (Public) (“MEEZA” & “the Company”) announced its financial results for the nine months ended 30 September 2023, marking the Company’s first announcement since listing its shares on the Qatar Stock Exchange.

In the first nine months of 2023, MEEZA’s net profit reached QR46m, representing a 29% (or QR10.4m) increase over the same period last year and the highest nine-month period 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.

The Company’s revenue grew by 23.8% (or QR59.8m) to reach QR311.2m, led by growth in the IT Solution Services and Managed Services segments.

EBITDA for the period increased by 4.1% (or QR3.7m) to reach QR92.8m, primarily driven by revenue growth and continued cost optimization. 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 QR258.6m, in addition to QR1.2bn in future committed contract value.

Most notably during the third quarter, the Company officially listed 100% of its shares on the Qatar Stock Exchange (ticker: MEZA) on 23 August 2023. The