MEEZA QSTP–LLC (Public) (“MEEZA” or “the Company”) announced its financial results for the six months ended 30 June 2024.

Financial Summary 

In the first six months ended 30 June 2024, MEEZA’s Net Profit reached QR 29.9 million, representing a 0.6% (or QR 0.2 million) increase over the same period last year, with Earnings Per Share (EPS) of QR 0.05.  Net Profit Margin for the period improved to 16.7% mainly driven by an improvement in the revenue mix. 

The Company’s revenue decreased by 19.1% (or QR 42.4 million) year-on-year to reach QR 179.4 million, due to a decrease in the Solutions services. Excluding this low-margin segment, revenue increased by 7.1%, led by growth in the Data Centre (7.9%) and Managed Services (8.7%) revenue. 

EBITDA for the period was QR 61.7 million, with an EBITDA margin of 34.4%, increasing 5.5 percentage points year-on-year.  

MEEZA maintained a healthy financial position with a cash balance of QR 223.3 million, in addition to QR 1.5 billion in future committed contract value.