MEEZA QSTP-LLC (Public) (“MEEZA” or “the Company”) announced its financial results for the year ended 31 December 2024.
Financial Summary
MEEZA’s Net Profit reached QR 60.4 million in FY2024, representing a 0.4% (or QR 0.2 million) increase over the same period last year, with Earnings Per Share (EPS) of QR 0.09. Net Profit Margin for the period improved by 1.9 percentage points to 16.1% mainly driven by a revenue increase in the higher-margin segments.
The Company achieved total revenue of QR 374.2 million, declining 11.5% (or QR 48.7 million) year-on-year due to a decrease in low-margin Solutions services. Excluding Solutions services, revenue increased by QR 21.1 million or 7.3%, led by growth in the Data Center (8.1%) and Managed Services (11.8%) revenues.
Growth in high-margin revenue segments led to a 3.1% increase in the Company’s gross profit versus last year, reaching QR 118.3 million. EBITDA margin improved by 3.7 percentage points year-on-year to reach 32.9%, resulting in EBITDA for the period of QR 123.2 million.
MEEZA maintained a healthy financial position with a cash balance of QR 278.8 million, in addition to QR 1.6 billion in future committed contract value.
Based on these results, the Board of Directors of MEEZA has proposed a cash dividend of QR 51.9 million (i.e QR 0.08 per share) subject to the approval of the Annual General Assembly.
MEEZA’s current data center utilization stands at 96%. The Company recently announced a 4 Megawatts (MW) data centre capacity expansion as part of its strategic expansion efforts to meet the growing demand for cutting-edge digital infrastructure. Consequently, MEEZA has signed a Murabaha facility with Dukhan Bank for QAR 135 million, in alignment with the Company’s strategic growth objectives.
Commenting on MEEZA’s results, the Chairman of the Board of Directors, Sheikh Hamad Bin Abdulla Bin Jassim Al-Thani, said:
“We are pleased to announce MEEZA’s continued strong performance during 2024. We are excited about the future, where we will begin our next phase of expansion to achieve MEEZA’s vision to enhance its data centre offering and advance its capabilities in the fields of AI, cybersecurity, and high-performance computing, in line with the country’s ambitions under Qatar National Vision 2030 and Digital Agenda 2030.”
Mr. Mohamed Ali Alghaithani, MEEZA Chief Executive Officer, added:
“It was another successful year in MEEZA’s journey toward becoming a leading Data Center and Managed Services business in the Middle East and North Africa. The Company delivered growth in its main segments, driving our profitability margins. We continued our stellar quality of service across our service portfolio in line with the leading industry standards. We look forward to scaling our data centre capabilities to meet the growing demand for AI, high-performance computing, cloud services, and data security solutions in Qatar and beyond, and across various industries including financial services, healthcare, government, and smart cities.”
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