MEEZA records 7% annual Net Profit growth in first quarter of 2024

MEEZA QSTP LLC (Public)  announced its financial results for the three months ended 31 March 2024.

Financial Summary

In the first three months ended 31 March 2024, MEEZA’s Net Profit reached QR 11.7 million, representing a 7.1% (or QR 0.8 million) increase over the same period last year, with Earnings Per Share (EPS) of QR 0.02.  Net Profit Margin for the period improved to 13.9% mainly driven by a positive change in the revenue mix.

The Company’s Revenue decreased by 10.1% (or QR 9.4 million) to reach QR 84.2 million, due to a decrease in the low-margin Solutions segment. This was partially offset by growth in the higher margin Data Center and Managed Services segments. EBITDA for the quarter was QR 27.3 million, with an EBITDA margin of 32.4%, increasing 2.6 percentage points year on year.

MEEZA boasts a healthy financial position with a cash balance of QR 156 million, in addition to QR 1.2 billion in future committed contract value.

 

MEEZA holds first General Assembly Meeting after listing on the Qatar Stock Exchange, Cash dividend distribution of 8.1% of the nominal share value approved

MEEZA QSTP LLC – Public, the leading Data Center services and IT solutions company in Qatar, convened its Ordinary General Assembly Meeting on Monday, March 4, 2024. Chaired by Sheikh Hamad bin Abdulla bin Jassim Al Thani, the meeting took place at the Park Hyatt Hotel located in Msheireb Downtown Doha, Qatar, with a participation rate of 51.7% of shareholders.

The Assembly delved into a comprehensive agenda, engaging in discussions on all scheduled items. The Board of Directors presented its report on the Company’s operational and financial status for the year ending on 31 December 2023 and its future plans, receiving approval. The auditor’s report on the company’s balance sheet on the concluded year was presented and approved during the meeting. The Assembly reviewed and approved the balance sheet and profit and loss account for the year ended 31 December 2023. The Assembly also reviewed MEEZA’s Corporate Governance Report for 2023 and approved it.

Additionally, PricewaterhouseCoopers (PwC) were appointed as the external auditor for the year 2024, along with the determination of their fees, based on the recommendation of the Board of Directors.

Furthermore, the General Assembly granted approval to the Board of Directors’ proposal for disbursing cash dividends to shareholders, totaling 52.7 million Qatari riyals. This equates to 8.1% of the nominal value of each share, translating to 0.081 Qatari riyal per share. The assembly also accorded discharge to the members of the Board of Directors from any liabilities during the same period and endorsed the allocation of board fees.

MEEZA continued its growth trajectory in 2023, culminating in its highest-ever annual profits, totaling 60.2 million Qatari riyals. This reflected an increase of 15.5% in comparison to the prior year. The net profit margin reached 14.2% during the same period, and earnings per share increased to 0.09 Qatari riyals. Furthermore, MEEZA experienced 19.8% growth in revenues, reaching 422.9 million Qatari riyals.

MEEZA Launches its Artificial Intelligence Platform “MEEZA.AI” to Empower Business Solutions and Address Challenges Across Various Sectors

MEEZA, the leading IT solutions company in Qatar, unveiled its artificial intelligence portal platform “MEEZA.AI” with the aim of enabling business solutions and contributing to overcoming various challenges across sectors such as cybersecurity, smart cities, healthcare, media, judiciary, entertainment, and sports.

Under the theme “Unlocking Business Possibilities,” the launch of this platform was attended by His Excellency Mr. Mohammed bin Ali Al Mannai, Minister of Communications and Information Technology, along with a constellation of high-level guests from various sectors and fields in the country, as well as the senior management team of the company.

In addition to the conventional artificial intelligence features that were unveiled to the public in 2023, such as natural language chat interfaces, AI now aids businesses and organizations in sifting through extensive volumes of documents and data sourced from their own establishments or globally, if preferred. This enables them to make well-informed decisions and choices based on historical and present trends, ultimately driving efficiency for a more productive future. These novel applications of artificial intelligence within enterprises represent pioneering advancements at the forefront of digital transformation in both commercial enterprises and government sectors.

MEEZA’s new enterprise platform, MEEZA.AI, accelerates the production and deployment of AI-related business use cases, in collaboration with major AI technology companies worldwide as well as startups at the forefront of key sectors. Furthermore, MEEZA.AI provides a secure forum for exchanging ideas and development initiatives, in partnership with Hamad Bin Khalifa University’s (HBKU) Qatar Computing Research Institute (QCRI) , enabling our community to access world-class researchers in this field, bolstering our efforts to produce locally based innovations built on advanced knowledge and institutional foundation in Qatar.

Commenting on this significant step in the company’s journey, Mr. Mohsen Nasser Al-Marri, Acting CEO of MEEZA, said:

“We are very proud to launch MEEZA.AI, which provides an efficient platform facilitating the work of companies and organizations operating in various fields such as cybersecurity, healthcare, media, judiciary, entertainment, and sports, at a time when artificial intelligence is asserting itself forcefully, and companies are making significant investments in it. This step comes to reinforce MEEZA’s leadership and give its clients the opportunity to benefit from the potential offered by AI technologies, and to develop a set of cognitive solutions, applications, software, and products that pave their way towards operational automation and addressing challenges using advanced AI technologies. We will continue to work on bringing the latest technological innovations in line with our strategy for future growth and Qatar’s National Vision 2030.”

Dr. Ahmed Elmagarmid, Acting Vice President of Research, HBKU, and Executive Director, QCRI, said: “We are thrilled to collaborate with MEEZA on the launch of MEEZA.AI, an innovative platform that underscores the vital role of artificial intelligence in addressing complex challenges across various sectors. By using research and AI, MEEZA is paving the way for transformative solutions that will drive efficiency and propel Qatar’s digital transformation forward.”

MEEZA QSTP-LLC (Public) is a company established in Qatar Science & Technology Park (QSTP), continues to grow and expand day by day, supported by an integrated portfolio of world-class data center services and IT solutions to achieve its vision of becoming the leading provider of managed IT services and technological solutions in the Middle East and North Africa region, as well as actively contributing to driving development in the State of Qatar in support of its efforts towards digital transformation and building a knowledge-based society.

MEEZA wins Best ICT Service Provider Award at Digital Business Awards 2023

We are pleased to announce that MEEZA has been honoured with the Best ICT Service Provider Award at the Qatar Digital Business Awards 2023 by Ministry of Communication and Information Technology

This recognition which truly underscores our commitment to excellence and innovation, especially in this very competitive IT business landscape. Huge thanks to our incredible team. We’re honored and motivated to keep pushing boundaries for even greater success ahead

Ministry of Labour and MEEZA Signed Strategic Memorandum of Understanding to Foster National Talent Development and Economic Growth

MEEZA is proud to announce the signing of a Memorandum of Understanding (MOU) with the Ministry of Labour, cementing a collaborative effort to enhance talent development and drive economic growth in line with the National Qatar Vision 2030.

The MOU, signed by representatives of both entities, underscores a commitment to cooperation in fostering the development of national talent and human resources. It highlights key areas of collaboration including enhancing cooperation and developing talent and manpower from the national workforce, and prioritising human development and increasing economic growth to build a knowledge-based economy.

Commenting on the collaboration, Sheikha Al-Badi, Assistant Undersecretary of National Manpower Affairs in the private sector at the Ministry of Labour remarked: “This partnership marks a significant milestone in our efforts to promote talent development and economic empowerment in Qatar. By aligning our strategies with MEEZA’s expertise, we aim to create a conducive environment for sustainable growth and prosperity.”

Mr. Mohsin Nasser Al Marri, Acting Chief Executive Officer of MEEZA, also expressed enthusiasm about the collaboration, stating: “At MEEZA, we recognise the importance of nurturing local talent and contributing to Qatar’s long-term economic objectives. Through initiatives like the MEEZA Academy, we are committed to empowering the next generation of professionals and driving innovation in the IT sector, in-line with the Qatar Vision 2030 of building a knowledge-based economy.”

MEEZA has launched an Academy as an initiative that aims to prepare a new generation of experts capable of supporting the growing demands in the IT sector and contribute to MEEZA’s mission to become the preferred managed IT services and solutions provider in the Middle East and North Africa, and to consolidate MEEZA’s efforts towards achieving its Qatarization strategy and In-Country Value contribution while enhancing the students’ training with an opportunity for a hands-on internship inside of MEEZA which opens the potential for future full-time employment with the organization.. The selected students will receive specialized advanced training in Cyber Security, Networking and IT Infrastructure covering topics including Endpoint Security, Cloud and Cybersecurity Fundamentals and many more.

This strategic alliance between MEEZA and the Ministry of Labour signifies a pivotal step towards reinforcing Qatar’s position as a hub for talent development, economic empowerment, and sustainable growth.

MEEZA records 16% growth in its annual net profit for 2023 and recommends QR 0.08 dividend

MEEZA QSTP LLC (Public) (“MEEZA” & “the Company”) announced its financial results for the financial year 2023, the period during which the Company became public and listed on the Qatar Stock Exchange.

Financial Summary

In the 12 months ended 31 December 2023, MEEZA’s Net Profit reached QR 60.2 million, representing a 15.5% (or QR 8.1 million) increase over the same period last year and the highest annual profit in the Company’s history, mainly driven by Revenue growth.  Net Profit Margin for the period was 14.2%, with Earnings Per Share (EPS) of QR 0.09.

The Company’s Revenue grew by 19.8% (or QR 70.0 million) to reach QR 422.9 million, led by growth in the IT Solution Services and Managed Services segments. EBITDA for the year was QR 123.5 million, with an EBITDA margin of 29.2%

MEEZA boasts a healthy financial position with a cash balance of QR 250 million, in addition to QR 1.2 billion in future committed contract value.

Based on these results, the Board of Directors of MEEZA has proposed a cash dividend of QR 52.7 million (i.e QR 0.08 per share) subject to the approval of the Annual General Assembly.

During the year, 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.

QAR million FY 2023 FY 2022 % change
Revenue 422.9 352.9 +19.8%
EBITDA* 123.5 123.9 -0.3%
Net Profit 60.2 52.1 +15.5%
EPS 0.09 0.08** +15.5%
*Earnings before Interest, Tax, Depreciation and Amortization

**Adjusted for the current number of shares

 

Commenting on MEEZA’s results, the Chairman of the Board of Directors, Sheikh Hamad Bin Abdulla Bin Jassim Al-Thani, said:

“2023 was a special year for MEEZA, undergoing a transformation into a public company and providing its unique investment case to a broad base of shareholders. We are pleased to announce MEEZA’s strong performance during the year, during which the Company recorded its highest net profit ever. We now have our eyes set on a period of expansion and growth to take advantage of the growth opportunities in the data center and managed IT services industries. MEEZA aims to maintain its leadership position and contribute to Qatar’s National Vision 2030 by diversifying the economy and leveraging the hydrocarbon sector to establish the country as a leading technology hub in the region.”

Mr. Mohsin Nasser Al-Ghaithani, MEEZA Acting CEO, added:

“It was a year full of achievements and successes in MEEZA’s journey to becoming the leading Data Center and Managed Services business in the Middle East and North Africa. The Company delivered strong growth in both its top line and bottom-line results. Operationally, we have maintained our stellar quality of service across our service portfolio in line with the leading industry standards. We have made significant strides in evolving our internal organization to meet the requirements from our growing operations and  protect the interests of our shareholders through robust corporate governance. We are still on track to deliver the expansion plan detailed during our IPO phase and we look forward to make more announcements around that in 2024.”

QFC Signs MOU with MEEZA To Boost Qatar’s Digital Services Sector

Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, signed a Memorandum of Understanding (MoU) with MEEZA, the leading provider of managed IT services and solutions in Qatar, to foster sustained growth within country’s tech ecosystem.
Under this partnership, the QFC will introduce firms registered on its platform to the wide variety of services offered by MEEZA at special and competitive rates. These services include data centre services, Cloud services, managed IT services, cyber security services, IT solutions, IT security services and more.

The MoU also intends to promote closer collaboration between the two entities to boost innovation and the exchange of knowledge and expertise. In addition, both parties will jointly organise and host events and launch initiatives of mutual interest in line with their respective strategic goals.

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, emphasised the significance of the collaboration, stating, “Financial services, along with fintech, are among our key focus areas. This strategic partnership with MEEZA will enhance our clients’ IT capabilities by providing them access to first-rate digital solutions and highly resilient and reliable data centres that MEEZA provides to various business sectors. This collaboration will contribute to Qatar’s efforts in digital transformation, cyber security, and data protection domains.”

Mr. Mohsin Nasser Al-Marri, Acting Chief Executive Officer, MEEZA, said: ”We are thrilled to embark on this strategic collaboration with the Qatar Financial Centre Authority (QFCA), which marks a significant milestone in advancing Qatar’s digital landscape. By joining forces with QFC, we aim to provide unparalleled IT solutions to businesses registered on the QFC platform, further accelerating their digital transformation journey. This partnership underscores our commitment to fostering innovation, knowledge exchange, and the growth of Qatar’s technology ecosystem. We look forward to a fruitful collaboration that will contribute to Qatar National Vision 2030 for a robust and secure digital future.”

-End-

ABOUT QATAR FINANCIAL CENTRE

The Qatar Financial Centre (QFC) is an onshore business and financial centre located in Doha, providing an excellent platform for firms to do business in Qatar and the region. The QFC offers its own legal, regulatory, tax and business environment, which allows up to 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits. The QFC welcomes a broad range of financial and non-financial services firms.

MEEZA wins two prestigious awards at the Global Business Outlook Awards 2023

MEEZA QSTP LLC (Public), Qatar’s leading Managed IT and Data Centre services Provider which was recently listed on the Main Market of Qatar Stock Exchange (QSE), has won the Most Innovative ICT Services Provider in Qatar while MEEZA Academy was recognized as the Most Innovative ICT Learning Advisory Initiative for Graduates at the Global Business Outlook Awards 2023.

MEEZA was crowned with both awards in recognition of its excellence in the ongoing efforts to improve, develop, and provide the latest IT solutions and cloud services to its customers in line with its future vision and Qatar National Vision 2030. These awards stand as a testimony to its commitment to supporting graduates and promising cadres in this crucial field, which lies within its initiative to prepare a new generation of experts capable of meeting the growing requirements in the information technology sector in Qatar.

On this occasion, Mr. Mohsin Nasser Al Marri, Acting CEO of MEEZA, said:

“We are delighted to receive these two prestigious awards from Global Business Outlook magazine, which serve as a valuable addition to MEEZA’s collection of local, regional, and global accolades. This recognition is a testament to our commitment to fostering innovation, a cornerstone in our strategic approach and business framework. Our aim is to provide effective and secure IT solutions and services that not only meet the needs of our customers but also contribute to cost reduction and facilitate the rapid expansion into new markets amidst the fast-paced technological landscape.”

He added, “This acknowledgment places additional responsibilities on us towards our customers and motivates us to continue to drive innovation as we take our next steps. We extend our heartfelt gratitude to all our employees, customers and shareholders for their role in leading MEEZA towards playing a key role in accelerating digital transformation efforts in Qatar and the region.”

The Global Business Outlook Awards celebrate the best companies in technology and beyond as they recognise organisations for their outstanding results and global market performance. The process of evaluation of the winners is based on a wide range of qualitative and quantitative criteria such as business size, innovation, leadership, asset quality, profits, efficiency rates and other key performance indicators.

MEEZA QSTP-LLC (Public) founded in Qatar Science & Technology Park (QSTP) which offers an integrated portfolio of end-to-end Managed IT Services and Solutions and Data Centre Services, received several global recognitions. Recently, it won the runner-up position for the New Design / Build Data Center Project of the Year award at the DCS Awards 2023 along with Vertiv. The company looks forward to contributing to the development of Qatar and the surrounding region by providing world-class managed IT services and solutions and building a promising future in the IT sector for the people of the region.

Carnegie Mellon Qatar and MEEZA sign Memorandum of Understanding

MEEZA & CMUQ MOU

Carnegie Mellon University in Qatar (CMU-Q) and MEEZA have signed a memorandum of understanding (MoU) to collaborate in the areas of education, scientific research, and community development.

The MoU was signed by Dr. Michael Trick, dean of CMU-Q, and Mr. Mohsin Nasser Al-Marri, MEEZA acting chief executive officer.

Under the MoU, the two parties will cooperate in several areas, including internship and employment opportunities for CMU-Q students, and education and training for MEEZA’s executive leadership.

“We are excited to collaborate with MEEZA to advance education, research, and community development in Qatar,” said Dean Trick. “This MoU will strengthen our partnership and provide new opportunities for our students to make significant contributions to Qatar’s growth and prosperity.”

“We are delighted to partner with Carnegie Mellon University in Qatar,” said Al-Marri. “This MoU will provide us with access to world-class expertise and resources that will help us achieve our goals of innovation and excellence.”

MEEZA QSTP- LLC (Public) is an established end-to-end managed IT services and solutions provider based in Qatar. MEEZA’s offerings include managed IT services, data center services, cloud services and IT security services.

Carnegie Mellon University in Qatar offers undergraduate programs in biological sciences, business administration, computer science, and information systems.