News and Press Releases

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

April 30, 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.