Tribune News Network
Doha
IT firm MEEZA’s net profit for the first half of 2023 surged to QR29.7 million, marking a substantial 17.8% increase compared to the same period last year.
As it prepares for its imminent listing on the Qatar Stock Exchange, the company’s achievements have garnered positive attention from both qualified and retail investors.
This remarkable profit growth, the highest ever achieved by the company during this period, was primarily driven by the significant expansion of EBITDA and finance income. The Net Profit Margin stood at a healthy 13.4%, while Earnings Per Share (EPS) amounted to QR0.05.
The Company’s revenue soared to QR 221.8 million, reflecting an impressive 41.9% increase (or QR 65.5 million) driven by robust growth in the IT Solution Services and Managed Services segments. Such extraordinary performance highlights the value that MEEZA provides to its clients and the growing importance of its services in the market.
MEEZA’s EBITDA also witnessed a solid upswing, reaching QR 64.0 million, marking a commendable 4.2% increase (or QR 2.6 million) compared to the same period last year. This growth was primarily attributable to the increase in revenue and the company’s ongoing commitment to cost optimization. The EBITDA margin, though slightly lower than before at 28.9%, was a result of the higher contribution of IT Solution Services revenue to the overall revenue mix.
A key aspect of MEEZA’s success is its Data Centre Occupancy, which reached an impressive 83% as of 30 June 2023. Acknowledging the escalating market demand, the company took proactive measures by expanding its supply capacity to 24.4MW in October 2022. This strategic move has allowed MEEZA to cater to the ever-growing needs of its clientele and establish itself as a reliable technology partner in the region.
Expressing his pride in MEEZA’s achievements, Sheikh Hamad bin Abdullah Al Thani, Chairman emphasised the company’s position as the leading managed IT services provider in Qatar. He remarked, “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.”
Ahmed Abdullah Al-Muslemani, MEEZA CEO, echoed the sentiment of success and looked forward to further progress.
“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.”
With MEEZA’s stellar financial results and its impending listing on the Qatar Stock Exchange, the company’s outlook remains bright, promising further growth and prosperity for both its stakeholders and the nation’s technological landscape.
As the market eagerly awaits the next chapter in MEEZA’s journey, its commitment to excellence and technological advancement stands as a beacon of optimism for Qatar’s thriving business ecosystem.
