Profit & Loss Detailed Statement
| Account | Note | Current Month 2024 | Previous Month 2023 | Var. | Budget | Var. |
|---|---|---|---|---|---|---|
| Revenue | 29 | 1,681,695,564.00 | 1,538,593,680.00 | 9.3% | Data unavailable | Data unavailable |
| Revenue from contract with customers | 29 | 1,566,829,610.00 | 1,422,541,032.00 | 10.1% | Data unavailable | Data unavailable |
| Contract revenue | 607,793,015.00 | 552,528,397.00 | 10.0% | Data unavailable | Data unavailable | |
| Revenue from sale of goods | 848,694,061.00 | 762,667,563.00 | 11.3% | Data unavailable | Data unavailable | |
| Service revenue | 110,342,534.00 | 107,345,072.00 | 2.8% | Data unavailable | Data unavailable | |
| Real estate revenue | 29 | 111,119,338.00 | 111,518,038.00 | -0.4% | Data unavailable | Data unavailable |
| Rental income from investment properties | 12 | 107,900,777.00 | 100,291,776.00 | 7.6% | Data unavailable | Data unavailable |
| Other rental income | 3,218,561.00 | 11,226,262.00 | -71.3% | Data unavailable | Data unavailable | |
| Operating cost | 30 | (1,150,866,768.00) | (1,079,047,287.00) | -6.7% | Data unavailable | Data unavailable |
| Contract costs | (472,723,511.00) | (455,080,631.00) | -3.9% | Data unavailable | Data unavailable | |
| Cost of goods sold | (547,140,130.00) | (552,695,815.00) | 1.0% | Data unavailable | Data unavailable | |
| Cost of service | (95,332,694.00) | (43,437,786.00) | -119.5% | Data unavailable | Data unavailable | |
| Real estate costs | (47,762,670.00) | (18,358,846.00) | -160.2% | Data unavailable | Data unavailable | |
| Interest charged to projects | 25 | (7,770,837.00) | (16,518.00) | -46944.7% | Data unavailable | Data unavailable |
| Bank charges charged to projects | (2,292,617.00) | (10,056.00) | -22698.5% | Data unavailable | Data unavailable | |
| Depreciation of property and equipment | 8 | (1,058,846.00) | (8,665,695.00) | 87.8% | Data unavailable | Data unavailable |
| Depreciation of right-of-use assets | 10 A I | (2,820,247.00) | (2,243,328.00) | -25.7% | Data unavailable | Data unavailable |
| Interest on lease liabilities | 10 A III | (1,694,277.00) | (1,438,065.00) | -17.8% | Data unavailable | Data unavailable |
| Gross profit | 465,011,627.00 | 459,646,393.00 | 1.2% | Data unavailable | Data unavailable | |
| Other income | 32 | 42,972,270.00 | 40,845,875.00 | 5.2% | Data unavailable | Data unavailable |
| Foreign exchange gain | 950.00 | 5,625.00 | -83.1% | Data unavailable | Data unavailable | |
| Profit on disposal of property and equipment | 9 | 456,746.00 | 3,867,286.00 | -88.2% | Data unavailable | Data unavailable |
| Lease concession earned | 10 A II | 2,920,108.00 | Data unavailable | Data unavailable | Data unavailable | Data unavailable |
| Lease concession | 10 A III | Data unavailable | 1,497,908.00 | Data unavailable | Data unavailable | Data unavailable |
| Service and consultancy income | 128,138.00 | 201,665.00 | -36.5% | Data unavailable | Data unavailable | |
| Gain on disposal of investment in equity accounted investee | 13 | 9,504,108.00 | Data unavailable | Data unavailable | Data unavailable | Data unavailable |
| Gain on disposal of right-of-use assets and lease liabilities | 714,566.00 | 316,431.00 | 125.8% | Data unavailable | Data unavailable | |
| Gain on modification of right-of-use assets and lease liabilities | Data unavailable | 296,661.00 | Data unavailable | Data unavailable | Data unavailable | |
| Contingent consideration | 477,570.00 | 402,796.00 | 18.6% | Data unavailable | Data unavailable | |
| Scrap sales | 777,765.00 | 1,645,127.00 | -52.7% | Data unavailable | Data unavailable | |
| Miscellaneous income | 28,011,962.00 | 29,452,541.00 | -4.9% | Data unavailable | Data unavailable | |
| General and administrative expenses | 31 | (229,151,409.00) | (233,719,426.00) | 2.0% | Data unavailable | Data unavailable |
| Staff cost | (17,370,544.00) | (18,674,545.00) | 7.0% | Data unavailable | Data unavailable | |
| Depreciation of property and equipment | 8 | (44,469,213.00) | (46,906,320.00) | 5.2% | Data unavailable | Data unavailable |
| Depreciation of right-of-use assets | 10 A I | (12,147,457.00) | (15,944,226.00) | 23.8% | Data unavailable | Data unavailable |
| Amortisation of intangible assets | 11 | (3,812,637.00) | (3,649,875.00) | -4.5% | Data unavailable | Data unavailable |
| Bad debts | (18,800,206.00) | (10,498,056.00) | -79.1% | Data unavailable | Data unavailable | |
| Repairs and maintenance | (9,482,230.00) | (8,179,087.00) | -15.9% | Data unavailable | Data unavailable | |
| Legal and registration charges | 17 | (7,141,174.00) | (4,196,724.00) | -70.2% | Data unavailable | Data unavailable |
| Professional fees | (8,657,011.00) | (16,677,676.00) | 48.1% | Data unavailable | Data unavailable | |
| Provision for slow-moving inventories | 17 | (10,211,226.00) | (12,303,189.00) | 17.0% | Data unavailable | Data unavailable |
| Electricity and water | (8,679,880.00) | (9,781,055.00) | 11.3% | Data unavailable | Data unavailable | |
| Communication | (3,314,330.00) | (3,292,216.00) | -0.7% | Data unavailable | Data unavailable | |
| Fuel | (29,091,141.00) | (24,456,936.00) | -18.9% | Data unavailable | Data unavailable | |
| Printing and stationary | (1,579,106.00) | (1,474,565.00) | -7.1% | Data unavailable | Data unavailable | |
| Insurance | (1,529,617.00) | (1,309,501.00) | -16.8% | Data unavailable | Data unavailable | |
| Advertising | (2,308,796.00) | (2,333,728.00) | 1.1% | Data unavailable | Data unavailable | |
| Marketing expenses | (2,247,682.00) | (2,978,237.00) | 24.5% | Data unavailable | Data unavailable | |
| Supplier contribution for marketing expenses | 10,730,765.00 | 12,380,747.00 | -13.3% | Data unavailable | Data unavailable | |
| Write-offs of property and equipment and intangible assets | (31,626.00) | (3,855,095.00) | 99.2% | Data unavailable | Data unavailable | |
| Entertainment | (3,530,987.00) | (1,760,729.00) | -100.5% | Data unavailable | Data unavailable | |
| Tender fees | (431,601.00) | (781,334.00) | 44.8% | Data unavailable | Data unavailable | |
| Travelling | (1,266,508.00) | (1,698,362.00) | 25.4% | Data unavailable | Data unavailable | |
| Transportation | (431,728.00) | (2,501,144.00) | 82.7% | Data unavailable | Data unavailable | |
| Business development | (190,385.00) | (1,021,195.00) | 81.4% | Data unavailable | Data unavailable | |
| Donations | (381,866.00) | (399,067.00) | 4.3% | Data unavailable | Data unavailable | |
| Subscription and catalogues | (857,404.00) | (407,619.00) | -110.3% | Data unavailable | Data unavailable | |
| Meeting and conference | (150,508.00) | (177,461.00) | 15.2% | Data unavailable | Data unavailable | |
| Bank charges | (956,750.00) | (666,905.00) | -43.5% | Data unavailable | Data unavailable | |
| Gross | (2,567,275.00) | (3,540,213.00) | 27.5% | Data unavailable | Data unavailable | |
| Impairment of goodwill | Data unavailable | (64,021.00) | Data unavailable | Data unavailable | Data unavailable | |
| Allowance for impairment of financial assets and contract assets | 41 C (i) | (20,604,353.00) | (19,560,879.00) | -5.3% | Data unavailable | Data unavailable |
| Net gain on investment properties | 33 | 60,259,563.00 | 21,369,586.00 | 182.0% | Data unavailable | Data unavailable |
| Net fair value gain on investment properties | 60,803,911.00 | 34,126,225.00 | 78.2% | Data unavailable | Data unavailable | |
| Gain / (loss) on disposal of investment properties | 12 | 3,752,152.00 | (2,722,277.00) | 237.8% | Data unavailable | Data unavailable |
| Operating profit | 171,656,637.00 | 174,263,395.00 | -1.5% | Data unavailable | Data unavailable | |
| Net finance cost | 34 | (105,466,671.00) | (128,160,826.00) | 17.7% | Data unavailable | Data unavailable |
| Finance cost | (116,874,719.00) | (143,632,880.00) | 18.6% | Data unavailable | Data unavailable | |
| Interest on borrowing | (113,110,229.00) | (137,772,076.00) | 17.9% | Data unavailable | Data unavailable | |
| Interest on overdraft | (733,946.00) | (3,047,105.00) | 75.9% | Data unavailable | Data unavailable | |
| Interest on lease liabilities | (3,810,274.00) | (4,925,898.00) | 22.6% | Data unavailable | Data unavailable | |
| Interest classified under operating cost | 8,703,999.00 | 1,720,488.00 | 405.9% | Data unavailable | Data unavailable | |
| Interest classified under property and equipment | 324.00 | 304.00 | 6.6% | Data unavailable | Data unavailable | |
| Finance income | 8,218,048.00 | 15,452,542.00 | -46.8% | Data unavailable | Data unavailable | |
| Interest income | 7,688,966.00 | 13,960,735.00 | -44.9% | Data unavailable | Data unavailable | |
| Dividend income | 529,082.00 | 1,088,937.00 | -51.4% | Data unavailable | Data unavailable | |
| Share of profit of equity accounted investees, net of tax | 13 | 1,143,898.00 | 9,905,407.00 | -88.5% | Data unavailable | Data unavailable |
| Profit before tax | 184,169,202.00 | 142,653,505.00 | 29.1% | Data unavailable | Data unavailable | |
| Income tax expense | 35 | (51,899,021.00) | (34,310,166.00) | -51.3% | Data unavailable | Data unavailable |
| Profit for the year | 52,575,300.00 | 54,912,813.00 | -4.3% | Data unavailable | Data unavailable | |
| Data unavailable | Data unavailable | Data unavailable | Data unavailable | Data unavailable | ||
| Profit attributable to: | Data unavailable | Data unavailable | Data unavailable | Data unavailable | Data unavailable | |
| Owners of the Company | 24 | 41,516,301.00 | 60,232,742.00 | -31.1% | Data unavailable | Data unavailable |
| Non-controlling interests | 11,058,999.00 | 20,240,833.00 | -45.4% | Data unavailable | Data unavailable | |
| Profit for the year | 52,575,300.00 | 80,473,575.00 | -34.7% | Data unavailable | Data unavailable | |
| Data unavailable | Data unavailable | Data unavailable | Data unavailable | Data unavailable | ||
| Earnings per share | 37 | Data unavailable | Data unavailable | Data unavailable | Data unavailable | Data unavailable |
| Basic and diluted earnings per share | 0.036 | 0.053 | -32.1% | Data unavailable | Data unavailable | |
| Data unavailable | Data unavailable | Data unavailable | Data unavailable | Data unavailable | ||
| Other comprehensive income: | Data unavailable | Data unavailable | Data unavailable | Data unavailable | Data unavailable | |
| Item that will not be reclassified to profit or loss: | Data unavailable | Data unavailable | Data unavailable | Data unavailable | Data unavailable | |
| Equity investments at FVOCI – net change in fair value | 14 | 11,144,298.00 | (3,946,689.00) | 382.4% | Data unavailable | Data unavailable |
| Other comprehensive income for the year | 11,144,298.00 | (3,946,689.00) | 382.4% | Data unavailable | Data unavailable | |
| Total comprehensive income for the year | 63,719,598.00 | 76,526,886.00 | -16.7% | Data unavailable | Data unavailable | |
| Data unavailable | Data unavailable | Data unavailable | Data unavailable | Data unavailable | ||
| Total comprehensive income attributable to: | Data unavailable | Data unavailable | Data unavailable | Data unavailable | Data unavailable | |
| Owners of the Company | 51,473,283.00 | 56,026,864.00 | -8.1% | Data unavailable | Data unavailable | |
| Non-controlling interests | 12,246,315.00 | 20,493,302.00 | -40.2% | Data unavailable | Data unavailable | |
| Total comprehensive income for the year | 63,719,598.00 | 76,526,886.00 | -16.7% | Data unavailable | Data unavailable |
1. Revenue Overview
In 2024, total consolidated revenue amounted to QAR 1,681.7 million, reflecting a 9.3% increase from 2023 (QAR 1,538.6 million). • Revenue from contracts with customers rose to QAR 1,566.8 million (+10.1%) • Real estate revenue decreased slightly to QAR 111.1 million (-0.4%) This growth is explained by a strong recovery in contract revenue, from QAR 607.8 million, and improved sales of goods at QAR 848.7 million. The service revenue segment also contributed with QAR 110.3 million.
2. Gross Margin and Operational Profitability
Gross profit increased to QAR 465.0 million in 2024 from QAR 459.6 million in 2023. The gross margin stands at 27.7% (2023: 29.9%). The improvement in gross profit is primarily driven by revenue growth, though margin compression occurred due to: • Higher contract costs (QAR 472.7 million vs QAR 455.1 million) • Increased real estate costs (QAR 47.8 million vs QAR 18.4 million) • Rising service costs (QAR 95.3 million vs QAR 43.4 million) Operational leverage remains positive with careful cost management across divisions.
3. General and Administrative Expenses
G&A expenses decreased to QAR 229.2 million in 2024, down from QAR 233.7 million in 2023. This represents a 1.9% reduction. Key improvements include: • Reduced professional fees (QAR 8.7 million vs QAR 16.7 million) • Lower provision for slow-moving inventories (QAR 10.2 million vs QAR 12.3 million) • Decreased transportation costs (QAR 0.4 million vs QAR 2.5 million) These savings demonstrate effective cost control measures and operational efficiency improvements.
4. Other Income and Market Impact
Other income increased to QAR 43.0 million in 2024 from QAR 40.8 million in 2023, showing stable non-operating contributions. Key components: • Gain on disposal of investment in equity accounted investee: QAR 9.5 million • Miscellaneous income: QAR 28.0 million • Reduced profit on disposal of property: QAR 0.5 million (vs QAR 3.9 million in 2023) The company has maintained diverse income streams while focusing on core operations.
5. Operating Profit/EBIT
Operating profit of QAR 171.7 million in 2024, compared to QAR 174.3 million in 2023 — a decrease of 1.5%. The EBIT margin stands at 10.2% (2023: 11.3%). Despite revenue growth, operating profit declined slightly due to: • Higher operating costs relative to revenue growth • Increased allowance for impairment (QAR 20.6 million vs QAR 19.6 million) • Strong gain on investment properties (QAR 60.3 million vs QAR 21.4 million) helped offset other pressures
6. Net Finance Cost
Net finance cost improved to QAR 105.5 million in 2024 from QAR 128.2 million in 2023, representing a 17.7% reduction. Key factors: • Finance costs decreased to QAR 116.9 million (from QAR 143.6 million) • Interest on borrowing reduced to QAR 113.1 million (from QAR 137.8 million) • Finance income decreased to QAR 8.2 million (from QAR 15.5 million) The significant reduction in finance costs indicates improved debt management and potentially lower interest rates.
7. Net Profit and Key Takeaways
Profit before tax increased to QAR 184.2 million (2023: QAR 142.7 million), up 29.1%. However, profit for the year decreased to QAR 52.6 million (2023: QAR 54.9 million) due to: • Higher income tax expense (QAR 51.9 million vs QAR 34.3 million) • Lower share of profit from equity accounted investees (QAR 1.1 million vs QAR 9.9 million) Earnings per share: QAR 0.036 (2023: QAR 0.053) The results show operational improvements offset by higher tax burden and reduced investment income.
8. Leverage and Sensitivity
Operational leverage remains positive with margins improving and cost control effective. Financial leverage shows improvement: • Interest coverage ratio: 1.63x (2023: 1.36x) • Reduced net finance costs by 17.7% • Total comprehensive income: QAR 63.7 million (2023: QAR 76.5 million) The company maintains stable operations with improving debt service capacity, though remains sensitive to tax rate changes and investment income fluctuations. Focus should remain on core operational efficiency and working capital management.