Doha, Qatar, 26 October 2023: 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.
|
QAR million |
9months 2023 |
9months 2022 |
% change |
||||
|
Revenue |
311.2 |
251.4 |
23.8% |
||||
|
EBITDA |
92.8 |
89.1 |
4.1% |
||||
|
Net Profit |
46.0 |
35.7 |
29.0% |
||||
|
EPS |
0.07 |
0.05 |
29.0% |
Financial Summary
In the first nine months of 2023, MEEZA’s Net Profit reached QR 46.0 million, representing a 29.0% (or QR 10.4 million) 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 QR 0.07.
The Company’s revenue grew by 23.8% (or QR 59.8 million) to reach QR 311.2 million, led by growth in the IT Solution Services and Managed Services segments.
EBITDA for the period increased by 4.1% (or QR 3.7 million) to reach QR 92.8 million, 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 QR 258.6 million, in addition to QR 1.2 billion 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 listing came after a successful IPO that was oversubscribed and involved the first ever book building exercise in the Qatar Stock Exchange’s history.
MEEZA also signed a Liquidity Provision Agreement with Qatar National Bank Financial Services (QNB FS) to maintain transaction volume and price stability.
About MEEZA
MEEZA QSTP-LLC (Public) is an established end-to-end managed IT services and solutions provider founded in Qatar Science & Technology Park (QSTP), that aims to accelerate the growth of the country and the region through the provision of world-class services and solutions, while providing the Qatari people and others throughout the region with opportunities to undertake fulfilling careers in the IT industry.
MEEZA is a publicly quoted company on the Main Market of Qatar Stock Exchange, open to customers and investors with share capital of 648,980,000 QAR.
The company has five Tier III certified data centers, known as M-VAULTs, offering a guaranteed uptime of 99.98% built to comply with the most exacting international standards enabling businesses to benefit from greater efficiencies and reduce risks.
MEEZA’s offerings include Managed IT Services, Data Centre Services, Cloud Services, and IT Security Services, in addition to expertise in Smart Cities Solutions and Artificial Intelligence (AI).
For more information, please visit: meeza.net
