Doha, Qatar, 22 October 2024: MEEZA QSTP-LLC (Public) (“MEEZA” or “the Company”) announced its financial results for the nine months ended 30 September 2024.

Financial Summary

In the first nine months ended 30 September 2024, MEEZA’s Net Profit reached QR 42.0 million, representing an 8.7% (or QR 4.0 million) decrease over the same period last year, with Earnings Per Share (EPS) of QR 0.06.  Net Profit Margin for the period improved by 1.4 percentage points to 16.2% mainly driven by a revenue increase in the higher-margin segments.

The Company achieved total revenue of QR 259.4 million, declining 16.6% (or QR 51.8 million) year-on-year due to a decrease in low-margin Solutions services. Excluding Solutions services, revenue increased by 7.5%, led by growth in the Data Center (7.8%) and Managed Services (12.3%) revenues.

This growth in recurring, high-margin revenue segments led to a 1.1% increase in the Company’s gross margin versus last year, reaching QR 84.8 million. EBITDA margin also improved by 4.6 percentage points year-on-year to reach 34.4%, resulting in EBITDA for the period of QR 89.4 million.

MEEZA maintained a healthy financial position with a cash balance of QR 240.7 million, in addition to QR 1.5 billion in future committed contract value.

MEEZA recently signed a deal exceeding QAR 100 million to deliver 1 megawatt Data Centre capacity in its M-VAULT 4 data center facility, bringing its total data center utilization to 96%. The Company plans to expand its capacity to meet growing demand, beginning with a project to double the capacity of its M-VAULT 4 facility at the Qatar Science and Technology Park.