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MEEZA Records 24% Increase in Revenue and 29% Increase in Net Profit for the First Nine Months of 2023

MEEZA Records 24% Increase in Revenue and 29% Increase in Net Profit for the First Nine Months of 2023

Tuesday, October 31, 2023/ Editor -  

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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.

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.


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