Ongoing expansion of projects and comprehensive development plans on facilities and assets have helped Ezdan Holding Group to record a QR586mn first-quarter net profit, a 12% growth compared to the QR522.5mn posted in 2015.
As part of plans to expand its funding sources to enter international markets, the group has started proceedings to issue $2bn sukuk, in addition to “ambitious plans” to launch real estate, hospitality, and shopping malls projects this year. Earnings per share (EPS) increased to QR0.22 in the first quarter of 2016 against QR0.20 in 2015.
“The group has realised at the beginning of 2016 that these profits indicate that we are on the right path towards reaching our target success,” noted Ezdan Holding Group chairman Sheikh Dr Khalid bin Thani bin Abdullah al-Thani.
He added: “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 diversified investment climate pursued by the state in line with its wise leadership’s vision, aiming at establishing a strong of different resources on vital sectors.”
Ezdan Group CEO Ali Mohamed al-Obaidli said: “The financial results we have achieved in this fiscal quarter are very promising and reflect the success of the development plan being implemented during the last period, including a number of our facilities, which had a positive impact on our operating revenues and net profits throughout this period. We were able to achieve QR741mn operating income during the first fiscal quarter.”
Al-Obaidli added: “This year, we are studying opportunities for the group’s overseas expansion after we have succeeded to acquire 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. We excelled in shopping centres investment, for example, and we are keen to reveal other projects that we will soon open this year.”
Ezdan also plays “a vibrant role” in providing care and support for the community.
The Sheikh Thani bin Abdullah al-Thani initiative continues to be “a permanent philanthropic support” to maintain sustainable source of humanitarian and charitable works not only in Qatar, but also for “all vulnerable people in the world.”
Sheikh Thani bin Abdullah al-Thani endowment amounts to up to 22.8% of the group’s total shares, equivalent to 2.65bn shares.