Ezdan Holding posts 42% surge in 9-month profit to QR1.02bn

Robust gains in rental earnings helped Ezdan Holding Group to report a 42% surge in net profit to QR1.02bn in the first nine months of this year.

Rental income grew 51% to QR997.44mn, dividend income from available-for-sale investments by 55% to QR167.19mn, net gains on sale of available-for-sale investments by 24% to QR162.29mn and other operating revenues by 21% to QR50.35mn, according to its financial statement filed with the Qatar Stock Exchange.

Although operating expenses shot up 60% to QR206.61mn, the company reported a 44% expansion in operating profit to QR1.17bn.

The share of results of equity-accounted investees rose 12% to QR198.97mn and other income more than doubled to QR16.95mn. Moreover, there were fresh gains of QR8.46mn and QR3.85mn on acquisition of an associate and revaluation of investment properties respectively.

However, general and administrative expenses surged 66% to QR151.9mn and finance costs by 45% to QR225.28mn.

Total assets were valued at QR44.87bn, comprising investment properties worth QR34.01bn; available-for-sale financial assets of QR6.31bn and investments of QR2.93bn in equity-accounted investees.

Total equity stood at QR30.95bn on a capital base of QR26.52bn and earnings-per-share was QR0.38 at the end of nine-month ended September 30, 2014.