Ezdan Holding Group has reported 61.5 percent surge in its net profit to reach QR946m for the first quarter of the current financial year, compared to QR586m in the corresponding period last year. The earnings per share (EPS) rose to 36 Dirhams from 22 Dirhams in the same period of 2016.
Ezdan Holding Group CEO Ali Mohammed Al Obaidli said: "The remarkable results for this quarter are very promising. We are well confident that the year 2017 will witness full operation of all Ezdan projects and ventures. This was reflected in our profits during the last financial quarter of last year and the current financial quarter. "
"We, at Ezdan Holding Group, have taken very important decisions to expand sources of financing our operations and projects and enhancing our investment performance. This is manifested through the Group’s successful entry into the international financial markets for the first time last year with the Sukuk first issuance, and the lately with the second issue. Both Sukuk issues have gained admiration and success, which is an indication of the confidence of the investors and book runners in the promising future of Ezdan and the strength of its operations”, he added.
The first phase of Ezdan’s proposed project consists of 2,058 residential, commercial and administrative units, including 1,820 housing units. During this phase, it is planned to open up to 180 commercial units, which will include restaurants, cafes and vital facilities. The first phase will be characterized by varied spaces, rooms and units.
‘Ezdan Oasis’ project, which consists of up to 9,346 housing units, is the most important project of the group in the realty sector. It targets at least 35,000 of people, who will be able to enjoy prosperity and development witnessed in Al Wakra area.
Ezdan Oasis dwellers will benefit from diverse services provided by Ezdan through its commercial centres such as Al Wukair and Al Wakra Malls. Ezdan Oasis project, with its services and advantages and coupled with other Ezdan projects in this vital region reflects the Group's philosophy to adopt service integration with the aim to meeting the diverse needs of residents, when it comes to comfortable housing and quality entertainment gathered in modern environment.
The group intends to fully open Ezdan Malls in Al Wakra and Al Wukair this year. In 2016, the group announced the soft opening of Ezdan Wukair Mall, the Group's third largest in terms of area.
Comprising 11 two-storey buildings, the mall is located in a very lively area near Ezdan villages, serving a large population. In the last quarter of 2016, Ezdan announced the opening of Carrefour store as a first operation phase of Al-Wakra Mall, which is the second largest mall in terms of area. Ezdan Mall Al-Wakra brings the most luxurious international brands for the first time to Al Wakra area. Both Malls will be fully operational during the current year.
