DOHA: Real estate major Ezdan Holding Group reported a net profit of QR586m for the first quarter of 2016 (Q1, 16), up 12 percent compared to QR522.5m recorded during the same period last year. The growth in net profit was mainly driven by the Group’s ongoing expansion plans.
The Group is in the process of issuing $2bn Sukuk, in addition to its ambitious plans to launch an array of real estate, hospitality and shopping mall projects during the current year.
Ezdan Holding Group Earnings per share (EPS) recorded a remarkable increase in the three-month period this year, reaching QR0.22 vs QR0.20 in the same period of 2015.
Commenting on the Group’s financial statements, Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman of Ezdan Holding Group, noted the Group’s solid performance for the first quarter indicates that “we are on the right path towards reaching our target success. Last year, we succeeded to set the growth pace of our financial results, which prompted us to enhance our strategy of investment diversification and to boost our operations in a variety of areas to achieve the best profitability for our shareholders. We were able to benefit from a diversified investment climate pursued by the state in line with its wise leadership’s vision,” Sheikh Dr Khalid said.
The Group has decided this year to expand its funding sources in order to enter the international markets through the issuance of $2bn Sukuk after a careful market study, he said.
Ezdan Holding Group CEO Ali Mohammed Al Obaidli said: “The results we have achieved in the first quarter are very promising and reflect the success of our development plan being implemented. The decision had a positive impact on our operating revenues and net profits throughout the Q1. We were able to achieve QR741m operating income during the first quarter.”
Al Obaidli said: “This year, we are studying opportunities for the Group’s overseas expansion after we succeeded in acquiring a leading position locally and regionally, in addition to the several awards we have received for our investment excellence. We became the strongest realty company in Qatar and the second major one in the region. These achievements prompted us to continue this performance and success as well as explore other distinctions in a variety of sectors we have entered in recent years.”
“The Group excelled in shopping centres investment. We will soon announce other projects that we will be opening this year,” he added.
Ezdan Holding Group plays a key role in supporting community. Sheikh Thani bin Abdullah Al Thani’s initiatives in charitable works are commendable. Sheikh Thani’s endowment amounts to up to 22.8 percent of the Group’s total shares.
The Peninsula
