MEEZA QSTP, a leading managed IT services and solutions provider based in Qatar, has achieved a remarkable 29% profit growth in Qatar, according to its recently released financial results for the nine months ending September 30, 2023. This marks the company’s first announcement since listing its shares on the Qatar Stock Exchange.
During this period, MEEZA QSTP recorded a net profit of QR 46.0 million, representing a substantial 29.0% increase compared to the same period last year. This is the highest profit the company has ever achieved in a nine-month period. The significant growth can be attributed to the increase in revenue. The net profit margin for the period stood at 14.8%, showcasing a year-on-year increase of 0.6pp, with earnings per share (EPS) amounting to QR 0.07.
MEEZA QSTP experienced substantial growth in revenue, with a 23.8% increase of QR 59.8 million, reaching a total of QR 311.2 million. This growth can be attributed to the strong performance of the IT Solution Services and Managed Services segments.
The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) also witnessed a positive trajectory, increasing by 4.1% or QR 3.7 million, reaching QR 92.8 million. This growth can be attributed to both revenue growth and ongoing efforts to optimize costs. However, the EBITDA margin decreased from 35.5% to 29.8% due to the higher contribution of IT Solution Services revenue to the overall revenue mix.
MEEZA QSTP maintains a robust financial position, characterized by a cash balance of QR 258.6 million and a future committed contract value of QR 1.2 billion. These indicators reflect the company’s stability and ability to continue driving growth.
In a significant development, during the third quarter of 2023, MEEZA QSTP successfully listed 100% of its shares on the Qatar Stock Exchange under the ticker symbol MEZA. The Initial Public Offering (IPO) was oversubscribed and involved the first-ever book building exercise in the history of the Qatar Stock Exchange, further enhancing the company’s position in the market.
To ensure transaction volume and price stability, MEEZA QSTP signed a Liquidity Provision Agreement with Qatar National Bank Financial Services (QNB FS).
MEEZA QSTP is an established end-to-end managed IT services and solutions provider, founded in Qatar Science & Technology Park (QSTP). Its mission is to accelerate the growth of Qatar and the wider region by delivering world-class services and solutions. Moreover, MEEZA QSTP aims to provide opportunities for individuals to pursue fulfilling careers in the IT industry.
As a publicly quoted company on the Main Market of the Qatar Stock Exchange, MEEZA QSTP is open to customers and investors, with a share capital of 648,980,000 QAR. The company operates five Tier III certified data centers, known as M-VAULTs, which ensure a guaranteed uptime of 99.98%, compliant with the most stringent international standards. This enables businesses to enhance efficiency and minimize operational risks.
MEEZA QSTP’s offerings include Managed IT Services, Data Centre Services, Cloud Services, IT Security Services, as well as expertise in Smart Cities Solutions and Artificial Intelligence (AI).
For more information about MEEZA QSTP and its comprehensive range of services, please visit their official website at meeza.net.