Qatar's real estate major Ezdan Holding Group posted a full-year net profit that exceeded that exceeded QR1.81bn for the year 2016, up 9 percent compared to QR1.66bn recorded in 2015. Group’s Earnings per Share (EPS) reached QR0.68 during the year compared to QR0.63 a year ago.
Ezdan Boad of Directors meeting, Chaired by Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, discussed and assessed the Group’s annual performance for the year 2016. The board recommended distributing cash dividends of QR0.50 per share, at 5 percent of the nominal value of the Group’s share.
“Our success is the result of our commitment to a realistic vision, defined goals and solid strategy, which allows the achievement of objectives as planned, while making use of all capabilities available. These are the standards that govern our decisions at Ezdan Holding Group. We believe that a successful investment is the one capable to respond to the market’s needs, and a successful management is the one that possesses sufficient flexibility to overcome the challenges faced by economy,” said Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman of Ezdan Holding Group.
“We have proven during 2016 that Ezdan Holding Group is capable to achieve greater success, which manifested in the volume of demand for its inaugural Sukuk estimated at $500m, achieving 167 percent oversubscription; in addition to other successful funding sources that are proven compatible with our values.” Sheikh Dr Khalid noted that during 2016, Ezdan Holding Group ventured in new and promising investment areas, for which it has laid an integrated plan, initiated by the announcement of a new brand specialising in tourism, entertainment and retail.
Ezdan Holding Group CEO, Ali Mohammed Al Obaidli, said, “The Group’s investment performance has seen a quantum leap in the past year in terms of investments’ size, scope and diversity. Such projects included the launch of “Ezdan World” company that operates in the world of leisure and tourism, as well as the first phase of Ezdan Mall Al Wakrah, by announcing the opening of the first Carrefour branch in it, and the first phase of Ezdan Mall Al Wukair, in addition to the soft opening of “The Curve Hotel” located in the strategic area of West Bay."
Commenting on the expectations for the current year, Al Obaidli said, “We plan to achieve our multiple projects in diverse sectors, the process will be in phases but at a steady pace. We are preparing for the launch of “Ezdan Oasis”, which is a huge real estate project that consists of more than 9,000 multipurpose units of different sizes. Such project would generate more income through boosting the Group’s leasing to unprecedented levels. In addition, we are preparing to open “Ezdan Palace Hotel”, and complete the launch of “The Curve Hotel”, “Ezdan Mall Al Wakrah” and “Ezdan Mall Al Wukair”, in parallel with strengthening “Ezdan World” brand that manages the “Magical Festival Village”.
Group’s operating earnings recorded QR2.5bn compared to QR1.9bn in 2015, thanks to the leasing cash flows and operation of real estate assets, as well as the partial opening of other projects in the mall, hotel and entertainment sectors.
